C_Clayton_Jones
Diamond Member
‘Elon Musk’s promise is based on the idea of eliminating fraud, waste, and abuse within the Social Security Administration (SSA). However, according to Chris Orestis, retirement expert and president of Retirement Genius, that premise is based on a misperception.
“There is no solid evidence that large sums are being paid to people who do not deserve them,”
he said, in line with reports published by media such as The New York Times and Associated Press.
But even in the hypothetical case that ‘extra’ funds were found, that would not allow for an automatic increase in benefits. As Orestis explained, the only mechanism for increasing Social Security payments is the cost-of-living adjustment (COLA), which is calculated each year according to inflation levels. In other words, no matter how much money is “saved,” checks cannot go up unless the law allows it.
How Social Security benefits are calculated? These do not depend on the size of the trust fund or the number of employees in the SSA, but on the income that each person has had throughout their working life. To change that formula, Congress would have to pass a law, which is not on the table at the moment.’
The premise of ‘waste’ and ‘fraud’ is based not only on a misperception, it’s based on ignorance, dishonesty, and lies.
“There is no solid evidence that large sums are being paid to people who do not deserve them,”
he said, in line with reports published by media such as The New York Times and Associated Press.
But even in the hypothetical case that ‘extra’ funds were found, that would not allow for an automatic increase in benefits. As Orestis explained, the only mechanism for increasing Social Security payments is the cost-of-living adjustment (COLA), which is calculated each year according to inflation levels. In other words, no matter how much money is “saved,” checks cannot go up unless the law allows it.
How Social Security benefits are calculated? These do not depend on the size of the trust fund or the number of employees in the SSA, but on the income that each person has had throughout their working life. To change that formula, Congress would have to pass a law, which is not on the table at the moment.’
The premise of ‘waste’ and ‘fraud’ is based not only on a misperception, it’s based on ignorance, dishonesty, and lies.