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In recent interviews, Musk voiced beliefs that the program is tantamount to a Ponzi scheme rife with fraud.
Reducing Fraud
Fraud is possible whenever finances are involved.
Musk and the Trump administration seem to believe Social Security is riddled with it.
Notably, the fraud argued by Musk isnt as rampant as claimed.
Under 1% of payments made over a seven-year window were fraudulent, according to theSSA Inspector General.
Closing Local Offices
Visiting a local SSA office could become more difficult thanks to Musk.
TheSSA reportedit has approximately 1,230 offices nationwide.
In the argument for efficiency, Musk could be shutting off access to Americans legitimately needing in-person support.
Many in-office visitors lack computer or internet literacy and benefit from personal support,according to ProPublica.
Changing Direct Deposit Options
Direct deposit is the dominant method for Americans to receive Social Security payments.
Over 99% of individuals receive their monthly support directly to their bank accounts,according to the SSA.
The SSA will no longer allow Americans to make direct deposit changes via phone.
This change will take place by the end of March,per the Washington Post.
Upon the change, people will need to make changes online or in person.
That is also true of SSA workers.
Combined with recommended office closures, this could make managing needs in person more challenging.
Millions of Americans depend on Social Security to take care of their financial needs.
Musk is promising actions that may hinder many from adequately managing their budgets.
Staying informed and following recommended actions is the best way to avoid potential disruptions in payments.
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