$31 million in social security benefits paid to the dead

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why dead Americans received $31 million from the Social Security Administration.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05There's a muted response to the latest batch of economic data released on Thursday.

00:09Retail sales for December rose 0.4 percent, which was not as strong as expected.

00:15However, figures for November were upwardly revised.

00:19Put that together, and you have a solid end-of-year buying season.

00:22Meanwhile, weekly jobless claims rose more than anticipated in early January,

00:27in contrast to December's blockbuster hiring spree.

00:32Turning to other business headlines, $31 million.

00:36That's how much money the government has recalled so far

00:39from Social Security payments erroneously sent to dead people.

00:44This is just the beginning of a long-term plan that the Treasury,

00:47it projects that it will be able to recoup $215 million

00:51by the time congressional clawback permission expires in 2026.

00:56The Treasury has been granted temporary access

00:59to the Social Security Administration's so-called full death master file,

01:04which is the most complete government database tracking deaths.

01:08A Treasury official said that by tapping into these records,

01:11the government can, quote, significantly reduce fraud, improve program,

01:16and better safeguard taxpayer dollars.

01:19The Treasury is seeking permanent access to the file

01:22as questions persist about the future solvency of America's retirement program.

01:27Trustees of the Social Security's trust funds project that by 2035,

01:32the program will no longer be able to meet 100% of its obligations.

01:37That clock is likely to speed up as baby boomers retire quicker than younger,

01:42working-age Americans are able to make contributions.

01:45Nearly 72 million Americans received a check from the Social Security Administration in 2023.

01:52That'll do it for your daily briefing from the New York Stock Exchange.

01:55I'm Conway Gittins with The Street.

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