Official Installed by Trump Moves to 'Demolish' Social Security Administration | Common Dreams
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"This is nothing more than a backdoor benefit cut and an insult to Americans who have paid into the system and earned their Social Security—all to pay for trillions in new tax cuts for the wealthy," said Democratic Rep. John Larson.

Summary

Leland Dudek, Trump’s newly appointed Social Security Administration (SSA) chief, has reportedly ordered plans for a 50% workforce cut, potentially closing field offices and delaying benefits.

Critics, including Rep. John Larson and advocacy groups, warn this move will disrupt services for seniors and disabled Americans. Five regional SSA commissioners are resigning in protest.

The cuts align with Elon Musk’s push for AI-driven government efficiency, despite concerns over fraud prevention and accessibility.

Critics argue this is a backdoor benefit cut to fund tax breaks for the wealthy.

  • rayyy@lemmy.world
    31·
    6 hours ago

    If I had invested my SSI payments over the years, I would be getting way more each month just from the dividends/interest.

    • sp3ctr4l@lemmy.zipEnglish
      1·
      3 minutes ago

      That’s called a 401k.

      Almost all of them just invest in index funds.

      They typically have massive penalties for early withdrawal, in case of say, suddenly becoming disabled because you were crippled in a car accident.

      If you try to make withdrawals from your 401k to cover living costs while recovering… or if you can’t recover, in perpetuity… well you’re looking at a ballpark of 1/3 to 2/3 of your money going poof, eaten up accordingly.

      Even if you invested on your own, having to withdraw regularly for a permanently disabling injury will run out in time, unless you’ve got more than… roughly 10 mil put away.

      If you have that, then great for you, 99% of people don’t and never will.

      Oh right. The stock market also regularly crashes, so a rational person should expect their snowballing nest egg to suddenly melt off by 5% or 15% or 30% every 5 to 10 years, with broadly predictable timeframes, but not specifically knowable exact dates.

      If you think you can precisely time the market, 99% chance you’re wrong, 1% chance you have insider information.

      …

      The Social Security income tax structure is ass backwards. After around 120k of income, there are no more marginal taxation increases for any kind of declared income.

      Poor people pay astoundingly, disoroportionately more into Social Security, and their benefits basically get slashed to nothing if they try to return to work in a meaningful way, the ladder gets pulled out right as your on the 2nd rung…

      … meanwhile, the super rich people pay a pittance of their overall income toward Social Security, and they get to enjoy all kinds of intentionally carved out loopholes designed for them to avoid even more of the ways they make money being classed as taxable.

    • Soggy@lemmy.worldEnglish
      3·
      5 hours ago

      The nation’s economy relies on people who don’t make enough to tuck money away.