Cheapo variable power supply amperage is way off?

[XOIIO]

Hey there, I noticed this problem with my cheapo (and used) variable power supply recently and I was hoping you guys might have a solution.



Also, when I hook a low load, like an arduino, to it (which would normally draw 30 miliamps) it just climbs up and up, and has gotten to 12 amps even though that's impossible.

So, what gives?