Musk claims there are 150-year-olds receiving Social Security benefits
Published On Feb 12, 2025, 2:18 PM
Elon Musk, leading the newly established Department of Government Efficiency (DOGE), claimed that Social Security records indicate payments are being made to individuals listed as 150 years old. During a press conference with President Trump, Musk expressed concerns about the accuracy of these records and the need for better efficiency in government spending. He emphasized the importance of ensuring that taxpayers' money is spent wisely, questioning the presence of unverified or potentially erroneous beneficiaries in the Social Security system.
Stock Forecasts
SPY
Neutral
The comments from Musk may increase scrutiny on Social Security budgets and could lead to discussions about governmental efficiency, impacting sectors tied to public funding and social welfare. This scrutiny might set the stage for regulatory and potential legislative changes affecting related stocks.
Related News
Stock market today: Dow leads stocks lower as hot inflation data pushes back rate cut hopes
Feb 12, 2025, 4:23 PM
Stocks wobbled on Wednesday as hotter inflation pushed back interest rate cut hopes.
Trump dismisses hot inflation report as 'Biden inflation' after another call to lower interest rates
Feb 12, 2025, 10:00 AM
Donald Trump on Wednesday morning dismissed a hotter-than-expected inflation report as 'Biden inflation' after making another call to lower interest rates.
Watch Fed Chair Powell speak live before House Financial Services Committee
Feb 12, 2025, 10:02 AM
Federal Reserve Chair Jerome Powell returns to Capitol Hill on Wednesday for the second day of his semiannual updates on monetary policy.