Mar 13th, 2025

Social Security May Run Out of Money: Yale Budget Lab

Elon Musk’s Department of Government Efficiency now has 10 staffers at the Social Security Administration as the Trump White House looks for evidence to support its claim that there could be millions of dead people receiving public benefits.  Their mission: detecting waste, fraud and abuse in the nation’s 90-year-old social insurance agency. Musk has called Social Security a “Ponzi scheme,” and suggested this week that there could be as much as $700 billion a year in entitlement fraud. Ernie Tedeschi, Director of Economics at the Yale Budget Lab, discusses the inflationary risks of rising federal deficits and debt, and explains why his team thinks the social security program will go broke if not properly addressed in the near-term. Ernie speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.