Social Security Finances
U.S. Senator Cory Booker (D–NJ) claims that Donald Trump and Elon Musk are “weakening” Social Security by “laying off thousands of workers, undermining the program’s strength.”
IN FACT, the money to pay those workers is taken from Social Security, and laying them off reduces these expenses and thereby strengthens the program. In 2022, the administrative costs of Social Security were $6.7 billion, or enough to pay 307,699 retired workers the average annual old-age benefit of $21,924.
