Michael Faulkender | 04-04-26

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Here's a Larry Cudlow Show entertaining and informative on the Red Apple Podcast Network.

So we've got a big push on fraud, waste fraud and abuse in Medicaid, Medicare, various welfare programs,

vice president JD Vance has been put in charge of this hunt for fraud, fraudsters.

And I heard a report on Brett Barra last night that this is from Emmett Oz who runs the Medicare and Medicaid divisions of DHS.

It's big stuff and it's going to save a lot of money.

We've got, we welcome back Michael Falkender, Professor of Finance at the University of Maryland,

America First Code Chairman for America Prosperity, Former Deputy Secretary of the Treasury helped drive home the tax cut bill.

Michael thank you. I know you're in between classes at Maryland and I appreciate it very much.

Let me just ask a question. Just on this fraud business which could be a lot of money

and could help in reconciliation for offsetting tax cuts or budget and Pentagon increases,

is this going to be, you think this will be a truly serious thing?

And we will implement, we will actually implement what kind of fraud that we find.

I do think it's serious because you saw that the investigation that went on in Minnesota,

the recent investigation that's gone in California,

there are 10 to billions of dollars in fraud and just those.

And so if you aggregate it up to the entire country, there's enormous opportunity for us to revisit

not just the eligibility but the extent to which the states are enforcing eligibility.

Part of the problem that you have is that we make these large grants,

they're largely matching programs where the federal government takes 50, 70,

sometimes 80% of a cost share, but then leaves it to the states in order to verify

that the money is being used appropriately and that the recipients are actually eligible.

There's enormous opportunity for us to put greater requirements on the states in order to get these matching dollars

because what the Minnesota and the California examples demonstrate is that they didn't want to find the fraud.

They wanted to kind of bind their eyes to it because as far as they were concerned,

the state wasn't paying for it and it's money that's coming into their region.

And we have got to change that and we can do that through reconciliation.

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You know, it's time to listen to Amidaz on the rip air show last night.

He was there in the raid in Los Angeles, but they have...

I don't know, it's about like a hundred hospices.

And they looked at the data in the hospices.

You know, a hospice is for the last weeks, okay, tragically, whatever, it's the last week.

Some huge number, like 90% or more of the people in these hospices were released and they continued to live.

So the scam, you know, federal money is going into these hospices, it's an absolute scam.

And in Los Angeles County alone, there was huge nobillions just in LA County alone.

There's a lot here. You remember also the GAO studies, 500, 550 billion ways fraud and abuse.

I mean, this is what Elon Musk wanted to do.

Now, JD Vance can finish the job.

That's exactly what I was going to bring up. This is exactly what the task for Doge was.

Right.

This information exists.

And when you think about unleashing artificial intelligence, not just on the information that the federal government has,

but linking it to the state, linking it to what's just available on the internet.

A lot of this fraud can be detected.

So for instance, one of the examples I was given was, you know, because the states don't report their unemployment insurance roles up to the federal department of labor,

there's really no check to see if somebody's simultaneously claiming unemployment insurance in more than one state.

Right. Right.

So if we built out the systems to cross check a lot of this information and make sure that people are not engaging in pretty vanilla scams,

there is there's an enormous amount of money that can be realized for the American people.

And as you said, we don't need to rebuild our military or take care of funding DHS and yet have that bill run a deficit.

It should have offsets that come from saving money for the American people from these scam artists that are using the fact that we have legacy systems that don't talk to each other and that the enforcement mechanisms haven't been in place.

So when I was IRS commissioner, that is why we were prioritizing building out the IRS because if we can get off of 30, 50, 60 year old computer systems, use modern analytics, use modern artificial intelligence to find pockets of non-compliance, there is massive amount of savings that can be realized for the American people.

One last one and we'll get let's go back to school. Todd Blanche is going to be the new attorney general or least acting attorney general.

Now Michael what I'm asking is you've got Kevin Worsh hearings April 16th and the Senate Banking Committee.

He's going to do well I think he's going to do very well is a smart guy we know and he's great.

I do okay, but the point it do you think the new AG will show is a suspend the investigation in subpoenas of the Fed in order to get Tom tell us a stop Tom tell us that it tells from blocking Worsh's nomination.

Is anything do you think going to change here?

I think that it's a great opportunity for the president to talk to Todd Blanche and and put the criminal investigation to an end I served on the deputy national security council with Todd I know him well.

He's a man of integrity and a very smart guy very hard working and but ultimately I do think it's going to take the president.

Saying that he wants and that he prioritizes Kevin Worsh's nomination over this criminal investigation into Jay Powell and that for the benefit of the country we need to move on and get Kevin Worsh installed and and and show Jay Powell the pasture.

He should be finished into retirement I believe it's May 15th but it's Kevin Worsh problem is hashtag free Kevin Worsh.

So you got a chance you're right a new guy maybe he'll go in and say to Mr. Trump all right it's time to let this go we want to run the Fed we want to put our guy in the Fed for the good of the country in the economy.

Absolutely all right Mike Faulknery very kind to give us a couple minutes we appreciate it a lot hashtag free Kevin Worsh.

Next up national security advisor Robert O'Brien is going to talk to us some more about the war strategies and the final push and the president Trump's huge truth social placement I'm Cutler we'll be right back.

The Larry Kudlow show on the Red Apple podcast network.