Does Elon Musk plan to eliminate social security measures in US? Here’s what the billionaire says

The world's richest man and Donald Trump's adviser has suggested to the US President that nearly $500 billion to $700 billion is wasted and needs to be cut.

“Most of the federal spending is entitlements,” Musk told the Fox Business Network. “That’s the big one to eliminate," he added.

Musk's statement on social security programs may spark a debate among American politicians, both Democrats and Republicans, amid his efforts to downsize the federal government.

His estimates of fraud are much more than figures suggested by watchdogs such as Social Security's inspector general, who determined nearly $71.8 billion in improper payments from fiscal years 2015 through 2022. This is less than 1% of benefits paid out during that time period.

According to Musk, there were “20 million people who are definitely dead marked as alive in the Social Security database.” However, the leader of the agency has rejected such claims.

“These individuals are not necessarily receiving benefits,” Lee Dudek, Social Security’s acting commissioner, told AP.

Musk's statement on Social Security programs shows his scepticism towards the federal scheme that provides monthly benefits to retirees and some children. He describes it as the “biggest Ponzi scheme of all time". Trump has promised to defend Social Security from likely cuts.

According to Musk, federal welfare schemes are “a mechanism by which the Democrats attract and retain illegal immigrants by essentially paying them to come here and then turning them into voters.”

Republicans on DOGE cuts

Over decades, Republicans have been trying to reduce the size and scope of the government, and hence, some of them appreciate Musk's work.

“The American people are sick of the swamp. They’re sick of waste, fraud and abuse," Representative Richard Hudson of North Carolina, who leads the National Republican Congressional Committee told AP. "For the first time ever, we finally have the tools to affect it. So I think the voters are going to reward us.”

However, some Republicans expressed scepticism and criticised Musk's move.

Representative Tom Cole from Oklahoma stated that the three federal offices in his state — the National Weather Center in Norman, the Social Security Administration Office in Lawton and the Indian Health Services Office in Oklahoma City would remain open amid Musk's move to cut down spending on offices.

“I am thrilled to announce that common sense has prevailed….all three of these places provide vital and valuable services to Oklahomans, and I am so proud to have advocated for them," Cole said in a statement.