Musk’s intense focus on Social Security appears central to his promise to slash $2 trillion from the federal budget. The agency distributes $1.6 trillion in benefit payments each year, making up about 20 percent of all federal spending.
Its sprawling size would appear to offer plenty of opportunities to root out waste and fraud for those who think such problems run rampant in government.
But less than 1 percent of Social Security’s payments in recent years were determined to be improper — often the result of an accidental oversight or change in benefit status, according to a report last year by the agency’s inspector general. That works out to about $9 billion a year, and more than two-thirds of the mistaken payments were eventually clawed back. Another agency audit, which looked only at payments to retired workers, survivors and people with disabilities, found fraud was listed as the cause behind just 3 percent of improper benefit payments.
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