Social Security Faces Cuts and Fraud Amid Doge Cryptocurrency Concerns
In a concerning development for millions of Americans, the Social Security Administration (SSA) has announced potential cuts to benefits, amidst rising fraud linked to the Doge cryptocurrency. The SSA's decision comes at a time when the agency is also undergoing significant changes, including the relocation of its identity verification office, as reported by NPR.
The Washington Post highlighted that fraudsters are exploiting the SSA's system, using Doge to scam vulnerable recipients out of their benefits. This issue has prompted discussions on Capitol Hill, with some Trump allies expressing concern over the matter, as noted by NBC News. Elon Musk's involvement with cryptocurrencies, including Doge, has also drawn scrutiny, with critics questioning the billionaire's influence on financial policies.
The Wall Street Journal reported that alongside these fraud concerns, the SSA is also facing challenges in customer service, with reduced staffing and longer wait times for beneficiaries seeking assistance. These developments raise questions about the future stability and security of the Social Security program, which many Americans rely on for their retirement and disability benefits.
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What are the new social security rules?
The new guidelines will require beneficiaries to travel in-person to a Social Security office for both benefit claims and direct deposit changes, if they are unable to use the online verification system. 'For far too long, the agency has used antiquated methods for proving identity,' Dudek said in a statement.
Are there changes to social security in 2025?
Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025. Read more about the Social Security Cost-of-Living adjustment for 2025. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $176,100.
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