$21 trillion unsupported adjustments
From the UAP Encyclopedia, the open encyclopedia of UFO and UAP history · 🗓️ Event
Contents 7
| Date | 11 December 2017 |
|---|---|
| Topics | Secrecy & cover-up (topic), Government programs (topic) |
| People | Catherine Austin Fitts, Mark Skidmore |
| Testimony | Shellenberger testimony, p. 189 |
| Year | 2017 in UFO history |
| Timeline | 2017 on the UAP Timeline |
| Sources | 6 |
In December 2017 Michigan State University economist Mark Skidmore and former Housing and Urban Development official Catherine Austin Fitts reported about $21 trillion in undocumented "adjustments" in the accounts of the Department of Defense and HUD for fiscal years 1998 to 2015. The figure was widely cited, but it represents accounting entries rather than actual spending.[1][2]
The analysis
Skidmore, who holds a chair in state and local government finance at MSU, worked with graduate students and Fitts, a former HUD assistant secretary, using reports on government websites, especially those of the Office of Inspector General. A report Fitts cited showed the Army alone had $6.5 trillion in unsupported adjustments in fiscal 2015, against a budget of $122 billion. The researchers said agencies did not answer their queries and that the Inspector General's office disabled links to key documents, of which they had kept copies.[1]
The audit
On 7 December 2017 the Department of Defense announced its first department-wide independent financial audit, days after Skidmore discussed the findings in an online interview; the announcement gave no reason for the audit. Skidmore and economist Laurence Kotlikoff urged the congressional budget committees to investigate.[1]
Interpretations
The figure attracted huge attention and was cited by some as evidence of money being diverted to secret programs, including a hidden space program — a suggestion Fitts has made.[2][3]
Criticism
Fact-checkers and accounting experts note that the adjustments were accounting entries that could not be traced, often counting the same sums repeatedly, not $21 trillion of actual spending, which would far exceed the total budgets involved. The real problem the analysis revealed was the Pentagon's poor record-keeping; the department has failed every financial audit since its first in 2018.[2][3]
People and topics
- Catherine Austin Fitts — Former HUD official who argues trillions flow to secret programs.
- Mark Skidmore — Economist who co-wrote the $21 trillion analysis with Catherine Austin Fitts.
On the Timeline
- Salvatore Pais patents (2 November 2017) — Navy scientist Salvatore Pais files a patent for a triangular craft with claimed antigravity effects.
- Bernard Haisch on legacy programs (2018) — Lockheed astrophysicist Bernard Haisch comments on alleged 'legacy' UAP programs.
See every 2017 event on the UAP Timeline →
References
- "MSU scholars find $21 trillion in unauthorized government spending; Defense Department to conduct first-ever audit", MSU Today (11 Dec 2017) · msutoday.msu.edu · archived copy
- "Is our government intentionally hiding $21 trillion in spending?", Goodman Institute (Aug 2018) · goodmaninstitute.org · archived copy
- WRAL fact check on the $21 trillion claim · wral.com · archived copy
- msutoday.msu.edu · msutoday.msu.edu · archived copy
- jstor.org · jstor.org · archived copy
- missingmoney.solari.com · missingmoney.solari.com · archived copy
This page was last edited on 29 October 2026. Articles are written in our own words from the sources listed under References; disputed claims are attributed to the people who made them.
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