Elon Musk Issues Major Social Security Warning

[Michie]

Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security.

Why It Matters​

Social Security benefits are paid to more than 70 million Americans on a monthly basis, and help form the bedrock of income for many retirees, survivors of deceased claimants and disabled people.

Musk, who was selected by President Donald Trump to head up the non-official Department of Government Efficiency (DOGE), has been tasked with streamlining government processes and cutting spending. But critics have raised the alarm about an unelected official gaining access to the payment records and personal details of Americans.

What to Know​

Continued below.

Elon Musk issues major Social Security warning

The tech magnate said some $1 billion is lost every week due to fraud.

www.newsweek.com

 

[LizaMarie]

I agree with Max Richtman's quote in the article. My husband and I receive Social Security, I have a sibling that receives SSI for disability and also my grandson. I'm all for getting rid of fraud but I'm very concerned about the privacy aspect of this, and indiscriminate slashing of aid.
Oh and Social Security and Medicare are not "entitlements." I have been paying into them since 1973.

 

[Diamond72]

Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security.

As of September 30, 2024, the federal debt was $35.5 trillion. This is an increase of $2.3 trillion from the previous year. If he wants to cut $2 trillion in waste that is pretty much chump change. That would stop the increase but not pay off the debt.

Are we suppose to feel bad that people who do nothing are getting fired?

 

[Job 33:6]

I agree with Max Richtman's quote in the article. My husband and I receive Social Security, I have a sibling that receives SSI for disability and also my grandson. I'm all for getting rid of fraud but I'm very concerned about the privacy aspect of this, and indiscriminate slashing of aid.
Oh and Social Security and Medicare are not "entitlements." I have been paying into them since 1973.

I think it's weird how, we pay into social security for other people. We don't necessarily pay into them for ourselves. So you can pay SS your whole life and it wouldn't necessarily mean that you would receive the benefit. Only that people who are on SS receive benefits funded by people who one day hope to live long enough to receive it.

 

[RileyG]

I agree with Max Richtman's quote in the article. My husband and I receive Social Security, I have a sibling that receives SSI for disability and also my grandson. I'm all for getting rid of fraud but I'm very concerned about the privacy aspect of this, and indiscriminate slashing of aid.
Oh and Social Security and Medicare are not "entitlements." I have been paying into them since 1973.

Amen!

 

[jas3]

I think it's weird how, we pay into social security for other people. We don't necessarily pay into them for ourselves.

It's effectively a pyramid scheme; benefits paid to current recipients aren't based on what they paid in, like a retirement account, they're based on what can be wrung out of the younger generations. That model works alright as long as the amount of money being put into the system is always increasing, either through a rising birth rate or rising taxes, but obviously that's unsustainable, which is why Social Security is on track to be bankrupt by 2033.

 

[FreeinChrist]

Congress shouldn't have messed with Social Security back in the Reagan administration when Reagan redirected SS funds to general government programs over a 30 year period rather than saving them for future needs. It can still be done. Social Security was not set up that way.

Congress could also increase the amount paid into SS by those earning over $176,000 a year, maybe capping it at $400,000. That would solve the problem of SS running out of money and replace some of what congress took to pay for other things.

 

[Reneep]

Has anyone seen the list of recipients ? I took a picture of the list but cant figure out how to share it.

OK so from 99 to 109 ...... 4734407 recipients , 110 -120...... 3627007, 120-129.............3472649, 130 -139 ...............3936311, all the way to 240-249. ...... 1 & 360 -369 ...........1.
And inbetween they are in 10 year increments until you reach , that 240 years old .
220 to 229 years old. is1039 is one of the lowest numbers of recipients, 1039 the except the two 1's being paid. Someone needed to drain that swamp.. and we wonder why an elections gets stolen.. because way too many have been getting by with it for ages !

 

[ozso]

Clearly there's been a lot of waste and fraud going on with government spending for a long time, including social security benefits. And for whatever reason sources are spreading the usual fear mongering regarding putting government spending under control. They're going to invade your privacy for nefarious reasons. They're going to end social security for nefarious reasons. They're creating a dystopia that millions will suffer and die in.

 

[JimR-OCDS]

Congress shouldn't have messed with Social Security back in the Reagan administration when Reagan redirected SS funds to general government programs over a 30 year period rather than saving them for future needs. It can still be done. Social Security was not set up that way.

Congress could also increase the amount paid into SS by those earning over $176,000 a year, maybe capping it at $400,000. That would solve the problem of SS running out of money and replace some of what congress took to pay for other things.

That was congress that did that, not Reagan.

Tip O'Neal backstabbed Reagan often.

As it was, only 2 budgets in Reagan's 8 years as president, were his budgets. The rest
were the democrat dominated congressional budgets, which had high spending in
them.

 

[Akita Suggagaki]

Are we suppose to feel bad that people who do nothing are getting fired?

What people are you talking about? What are their positions and job responsibilities?