There’s 1 crucial Social Security issue that Elon Musk’s DOGE task force could actually help solve

Here’s the 1 crucial Social Security issue that Elon Musk’s DOGE task force could actually help solve — and it has nothing to do with 130-year-old Americans collecting checks
Here’s the 1 crucial Social Security issue that Elon Musk’s DOGE task force could actually help solve — and it has nothing to do with 130-year-old Americans collecting checks

Millions of older Americans collect a monthly benefit from Social Security. And for many people, that benefit is their primary or even only source of income.

But with Elon Musk and DOGE tasked with improving processes and cutting waste in programs like Social Security, a lot of people may be worried about the impact on their monthly payments.

While the Tesla CEO’s claims of millions of dead people receiving benefits has been debunked, he and his team could turn their attention to another known issue with Social Security finances.

The reality is that Social Security is facing the strong possibility of benefit cuts once its combined trust funds run out of money in 2035, as per the program’s most recent Trustees Report. Those could prove catastrophic for seniors who rely heavily on that money to make ends meet.

If Musk and crew are able to save Social Security money, it will only help the program’s finances improve. And there’s one key issue DOGE may want to focus on in the near term – overpayments.

The Social Security Administration (SSA) uses different databases and sources of information to determine who’s eligible for benefits each year and what monthly benefit to send out. Unfortunately, though, the agency isn’t immune to errors.

An August 2024 report by the SSA’s Office of the Inspector General found that between fiscal years 2015 through 2022, Social Security made almost $72 billion in improper payments, most of which were overpayments. And while this amounts to less than 1% of the total amount of benefits paid during that period, it’s a substantial amount nonetheless.

Now Social Security can take steps to try to claw back overpaid benefits. But as of last summer, it had an uncollected overpayment balance of $23 billion.

But the problem with overpayments isn’t just a loss for Social Security.

Overpayments can also hurt the people who receive them — namely, when they’re forced to pay the money back but no longer have it.

It can take the SSA years to discover that overpayments are being made. By then, recipients could conceivably be up to their ears in extra money they never knew about.

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