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Elon Musk Ignites Controversy Over Social Security Data Integrity
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, who also serves on the Department of Government Efficiency (DOGE) during the administration of former President Donald Trump, recently prompted a lively conversation regarding the accuracy of Social Security Administration (SSA) records. Musk shared statistics indicating that millions of individuals aged 100 and older are still recorded as alive within the SSA system.
What Transpired: Justin Wolfers, an economics professor from the University of Michigan, added context to the discussion by referencing a July 2023 audit report from the SSA Inspector General. This report indicated that approximately 18.9 million individuals born prior to 1920 are listed in SSA records without any death information.
The audit highlighted that 98% of these cases do not receive any payments, suggesting that many of these discrepancies stem from the era before electronic record-keeping was established. The SSA has previously rejected recommendations aimed at rectifying these records, citing potential implementation costs between $5 and $10 million and questioning the tangible benefits for current programs.
Don’t Overlook:
Wolfers posed a pertinent question on social media, asking whether government databases should be more accurate, framing it as a cost-benefit analysis. He suggested that given the minimal payment rates associated with these records, the issue may not warrant significant concern.
Musk interjected into the dialogue with a lighthearted comment, sharing age distribution data that illustrates over 4.7 million individuals aged 100 to 109 found within the SSA’s records. He humorously referenced the “Twilight” series, alluding to the idea that some supernatural explanation might account for the seemingly high longevity statistics.
Why This is Significant: This conversation comes against a backdrop of growing scrutiny regarding the management of federal data. The SSA has defended its stance, arguing that dedicating resources to update records of individuals who do not receive benefits would detract from more crucial functions. The agency maintains that other organizations have the capacity to conduct independent assessments of presumed death, particularly in older age demographics.
Source
finance.yahoo.com