The Social Security Administration has recouped more than $30 million it paid out to dead people.
Transcript:
Conway Gittens: There’s a muted response to the latest batch of economic data released on Thursday. Retail sales for December rose 0.4 percent, which was not as strong as expected. However, figures for November were upwardly revised. Put that together and you have a solid end-of-year buying season. Meanwhile, weekly jobless claims rose more than anticipated in early January, in contrast to December’s blockbuster hiring spree.
Turning to other business headlines, $31 million. That’s how much money the government has recalled so far from Social Security payments erroneously sent to dead people. This is just the beginning of a long-term plan at the Treasury. It projects that it will be able to recoup $215 million by the time Congressional clawback permission expires in 2026.
The Treasury has been granted temporary access to the Social Security Administration’s so-called Full Death Master File, which is the most complete government database tracking deaths. A Treasury official said that by tapping into these records, the government can “significantly reduce fraud, improve program, and better safeguard taxpayer dollars.”
The Treasury is seeking permanent access to the file as questions persist about the future solvency of America’s retirement program. Trustees of the Social Security’s trust funds project that by 2035 the program will no longer be able to meet 100 percent of its obligations. That clock is likely to speed up as Baby Boomers retire quicker than younger, working-age Americans are able to make contributions.
Nearly 72 million Americans received a check from the Social Security Administration in 2023.
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