Connection Between Shutdowns and Cryptocurrency Revealed

Massive reductions at the Social Security Administration are sparking concerns about the potential impact on the benefits of millions of recipients. Among the proposed changes are layoffs for over 10% of the agency’s staff and the closure of numerous offices across the United States. These actions are part of the Trump administration’s initiative to downsize the federal workforce through the Department of Government Efficiency, influenced by President Donald Trump’s adviser, Elon Musk. Some of the public-facing locations marked for closure were already scheduled to shut down due to underutilization. The Social Security Administration explains that work at other non-public sites facing closure is being consolidated.

Here is an overview of the cuts at the agency, which serves more than 70 million Americans, and the potential implications for recipients:
– Will the Social Security office near my residence be shutting down?
The Department of Government Efficiency lists 47 Social Security Administration field offices slated for closure nationwide, with a concentration in the South and Southeast regions. An agency spokesperson mentioned that most leases not being renewed were for spaces used for in-person hearings, which are now largely conducted virtually. In the fiscal year 2024, 20% of these offices did not host any in-person hearings. The spokesperson also indicated that some properties were already earmarked for closure or consolidation.

The Social Security Administration has approximately 1,200 field offices spread across the country.
– Will my Social Security benefits be reduced?
While not guaranteed, advocates argue that the agency’s cutbacks could lead to a decline in services. The 72.5 million Social Security beneficiaries include retirees and children receiving retirement and disability benefits. Senate Democratic Leader Chuck Schumer has criticized Musk’s reductions at the agency as an attack on America’s social safety net.

Social Security, a cornerstone of the nation’s social programs, is highly popular. A January poll revealed that two-thirds of U.S. adults believe insufficient funds are allocated to Social Security. Without intervention from Congress, the program faces potential bankruptcy. The May 2024 Social Security and Medicare trustees’ report warns that the trust funds supporting old age and disability benefits may not be able to fulfill full payments starting in 2035, potentially reducing benefits to 83%.
– What about layoffs of Social Security employees?
A source familiar with the agency’s plans disclosed that the Social Security Administration is gearing up to lay off at least 7,000 employees from its workforce of 60,000. According to the Center on Budget Policy and Priorities, the cost of administering the program represents less than 1% of its funding. Advocates and Democratic lawmakers caution that layoffs and agency cutbacks could hinder the agency’s ability to provide timely assistance to beneficiaries. Democratic Sen. Kirsten Gillibrand recently penned a letter to acting Social Security Administrator Michelle King expressing concerns about the potential impact of these changes.

The White Plains hearing office in the state has 2,000 pending cases. If it closes, beneficiaries may need to travel between 24 and 135 miles to reach another office. The Trump administration has stated that there will be no changes to Social Security benefits. During an episode with podcaster Joe Rogan last month, Musk criticized Social Security as “the biggest Ponzi scheme of all time.” Since his election in November, Trump has maintained his promise not to alter the program, assuring that benefits will remain untouched and even strengthened. Associated Press reporter Fatima Hussein contributed from Washington. Kinnard reported from Chapin, South Carolina, and can be contacted at http://x.com/MegKinnardAP.

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