2 Ways Elon Musk’s Access to the US Treasury May Impact Social Security
Written by
T. Woods
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
One of the many controversies already swirling around President Donald Trump’s second administration is his formation of the Department of Governmental Efficiency (DOGE), helmed by billionaire Elon Musk.
As reported by CNBC, DOGE — whose mandate is to locate and eliminate government waste and overspending — has gained access to the U.S. government’s payment system that oversees the dispersal of $6 trillion in federal payments. Those payments include both Medicare and Social Security, which has led to fear and criticism in some circles.
Senator Elizabeth Warren of Massachusetts posted on X, “Millions of Americans rely on these systems for Social Security checks, Medicare benefits, federal salaries, grants and tax refunds,” while the National Committee to Preserve Social Security and Medicare released a statement that Americans on Social Security “have every reason to be alarmed.”
The concern is that DOGE, and Musk, were neither elected nor vetted via any confirmation process, and there is no official accountability system for the organization or Musk; meanwhile, the White House maintains that Social Security, Medicare and Medicaid payments will not be impacted or delayed.
With all that said, how could Musk and DOGE’s access to the Treasury impact Social Security?
Social Security Administration Leadership Stepping Down
This isn’t even a prediction — it’s already happening. As reported by CNN, on Monday, Feb. 17, it was announced that the Social Security Administration’s (SSA) acting commissioner, Michelle King, quit after more than 30 years of service, as a result of her refusing to provide DOGE with access to SSA private information.
The White House has since replaced her with SSA employee Leland Dudek; meanwhile, Trump has nominated Frank Bisignano to be confirmed as the head of the SSA.
It’s possible this will have little effect on Social Security recipients, but changes to the security of the information the SSA holds and the leadership of the SSA could bring changes to benefits over time.
Understaffing and Slower Payment Processing
The Trump administration has promised to buyout any federal employees who wish to resign, offering them the ability to resign and be paid through September.
An estimated 20,000 federal employees have accepted the buyout as of early February, USA Today reported, which could leave the SSA — already understaffed at a 25-year-low — so understaffed that all processes and payments become inevitably delayed.
Despite the White House’s assertions that payment would not be impeded, a very understaffed SSA could fall behind.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
More From GOBankingRates
