Tech billionaire Elon Musk responded to a post on X about Democrats allegedly giving social security numbers to undocumented immigrants. He said, “Yes, it is utterly insane. The American people would have been disenfranchised if the machine represented by the Kamala puppet had won. Thankfully, we have President Trump.”
This comes after Musk and his Department of Government Efficiency (DOGE) team revealed their plans on Thursday during an interview with “Special Report with Bret Baier”, stating they aim for putting more money in the hands of "legitimate recipients of Social Security"
According to May 2024 trustees’ report, Social Security’s trust funds will not be able to pay full benefits starting 2035. It would only be able to pay 83% of benefits, absent changes. Musk said overall cost-cutting measures considered by DOGE would lower wasteful spending by 15% in numerous critical government programs, comprising Social Security. DOGE states it has saved Americans $130 billion, or $807.45 per taxpayer as of March 27.
Musk had criticised Social Security, which he termed as "the biggest Ponzi scheme of all time" and indicated that the program is rife with fraud and waste, expecting potential losses between $500 billion and $700 billion.
Former Commissioner and former Maryland Gov. Martin O' Malley said that latest actions by DOGE are placing monthly benefit checks for over 72.5 millions at risk. "Ultimately, you’re going to see the system collapse and an interruption of benefits. I believe you will see that within the next 30 to 90 days. People should start saving now,” CNBC quoted O’Malley as saying.
He said intermittent IT outages could take place often and for more longer period until there is a “system collapse and an interruption of benefits".
A Social Security Number (SSN) is a unique nine-digit identifier given by the Social Security Administration (SSA) to US citizens, permanent residents and some temporary residents. It came in 1936 to track earnings for Social Security benefits and has evolved into a de facto national identification number, which is used for different purposes.
According to Reuters, a federal judge Ellen Lipton Hollander of Maryland ruled on March 20 that DOGE's access to sensitive Social Security data likely violated privacy laws, directing a pause to further data sharing. The judge expressed concerns over the potential intrusion into the “personal affairs of millions of Americans”.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.