The loss of intellectual property due to theft by China costs the U.S. more than $300 billion annually and translated into 2.1 million fewer jobs in this country.
In a recent report, Jon Huntsman, former Ambassador to China, did a study concluding that the loss of intellectual property due to theft by China costs the U.S. more than $300 billion annually and translated into 2.1 million fewer jobs in this country.
China’s theft of American IP is headline news, but the Chinese pale in comparison to how much Americans are stealing from America. That’s right, recent reports by 60 Minutesand the Economistestimate fraud losses near $500 billion annually in Medicare, Medicaid and disability fraud. And why not? After all, that’s where the money is.