Posted on 03/02/2025 9:17:42 AM PST by Libloather
Social Security has never missed a benefit payment since the program first began sending individuals monthly benefits more than eight decades ago.
But the recent actions at the U.S. Social Security Administration by Elon Musk’s so-called Department of Government Efficiency are putting monthly benefit checks for more than 72.5 million Americans at risk, former commissioner and former Maryland governor Martin O’Malley told CNBC.com.
“Ultimately, you’re going to see the system collapse and an interruption of benefits,” O’Malley said. “I believe you will see that within the next 30 to 90 days.”
Ahead of any interruption in benefits, “people should start saving now,” O’Malley said.
The Social Security Administration uses multiple systems and technologies that Elon Musk has criticized for leading to errors. As commissioner, O’Malley told Congress the agency needed more funding for IT modernization.
O’Malley said DOGE leaders are now making changes at the agency, and significant staff cuts have already led to system outages. Those intermittent IT outages may happen more frequently and for more extended periods of time until there is a “system collapse and an interruption of benefits,” he said.
**SNIP**
The Department of Government Efficiency, also known as DOGE, is not a federal department. And Musk, whom President Donald Trump brought on board to implement DOGE, is not an elected official.
Since its establishment, DOGE has looked to slash spending at federal government agencies.
(Excerpt) Read more at cnbc.com ...
And the lying, worthless news media will simply publish their claims verbatim, rather than seeking a detailed explanation for just how the system is supposedly broken by any changes. A real journalist would explore the claims with some skepticism and convey their findings objectively.
Fear mongering is their ‘go-to’ tactic.
so far the fraud and waste is up to $0.00, and climbing at the same pace.
What further belies this former bozo of social security’s idiotic scare speech is this:
Financial analysis of the Covid 19 pandemic and the millions of deaths in the US prematurely ending Social Security fund payout to beneficiaries now dead— this revealed several billion dollars kept IN the socalled “trust fund” which extends the life of the fund for 3 or more decades even in the face of increasing payouts (soon to be reduced by removal of illegal aliens getting anything, AND the DOGE winnowing of completely disappeared money to people of ages not capable of being a) alive or b) existing in the first place (shadow, multigenerational payouts to persons unknown, etc.)
This puts a huge LIE on this bozo’s face beyond all else. Zoom- bang— gone!
And it will work.
Also:
“What Caused the Fall of the Roman Empire”
“Political Instability and Corruption”
“Economic Decline and Overexpansion”
“External Threats and Military Challenges”
(https://historypeak.com/what-caused-the-fall-of-the-roman-empire/)
Sound familiar?
What? They didn’t write “Children will die”? They are slipping.
Ex-agency head worried, and not about us!
It’s going to be really difficult to get all those deep state liberal freaks out of the Government.
Scare tactics.
WWI Veterans hardest hit!
This guy gave money to illegals for their college funds. What a fraud. Need a little more proof from this states representatives.
Me OW!!!
Old cat ladies won’t have anything to eat and will be eating their catfood or even worse...THEIR CATS!!!
😆
You never miss a payment.... until you do.
As long as you can just print money, there is no problem. But there is a limit to the amount of money you can print. We are running a deficit of $2 trillion per year. You can’t print $2 trillion every year without it blowing up in your face eventually.
Right now, the national debt is growing about 3x faster than the economy. And that is a reduced growth rate from what it was growing at a few years ago.
Yeah, you geniuses never missed a payment to my father for a full year AFTER HIS DEATH, which you then blamed ME for. Gawd only knows how many other abandoned bank accounts you're making timely payments to.
That’s right! Even dead people get paid on time.
There are payments which absolutely need to be missed. It’s to people who are dead, people who don’t actually exist, and illegal aliens.
However there still is this problem
Its set up like a Ponzi Scheme. In a Ponzi Scheme you need a constant influx of “new investors” to maintain the promised return to the old investors. Social Security was set up with certain demographic assumptions. The paying in ratios would remain high and the majority of beneficiaries would be dead by 65. Back in the FDR era when this was set up financial experts told FDR’s team of Ivy League genius lawyers that the assumptions over the long run wouldn’t hold. The FDR boys didn’t care the crash wouldn’t occur on their watch.
Consider in 1940 there were 159.4 covered workers paying in for every beneficiary receiving. In 2013 that ration has shrunk to 2.8 to one. Keep in mind these statistics are from SSA’s website. The link
https://www.ssa.gov/history/ratios.html
The other problem which is related to the assumption on age of mortality being 65. Modern medicine has greatly increased that! That stresses the system severely. It creates situations to where you can take out far more then you put in. Consider the case of Ida May Fuller. She worked under Social Security just shy of three years from the spring of 1937 to November 1939 and paid a total of $24.75 (equivalent to $510 in 2024) in Social Security taxes into the system. She lived a long life and collected a total of $22,888.92 (equivalent to $513,723 in 2024) in Social Security benefits. There have been hundreds if not thousands of Ida May Fullerss. See wiki link on here and you can find data on her from the SSA website, but it takes some digging.
https://en.wikipedia.org/wiki/Ida_May_Fuller
The system did in a sense do its job. Prior to it being set up 75% of the elderly lived in poverty. That’s not the case now. but it was set up in such a ridiculous manner that we are all going to end up in poverty. SS needs to be redone and set up on a (the hard part!) sound financial basis and done. Set up in a way where no one currently receiving benefits sees any reduction in payments That’s the hard part but I bet it can be done! Of course, the Ratlanders will demagogue it to death!
Yes, Congress has helped drain and endanger it with its giveaways and borrowing from the revenue stream. however, the problem goes back to the beginning in its faulty assumptions about demographics and the means that it funded.
Currently it’s a timebomb with a slow burning fuse. One has some ability to slow the rate of burning but no ability to stop it.
Again, USSC decisions have confirmed several times it’s not your money it’s a tax! If you owned it, you could count it as an asset and leave it to your heirs. You can’t! People who keep saying it’s my money are just fooling themselves! It isn’t, it never was!
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