• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Who let the DOGE in?

Musk’s team at the Department of Government Efficiency (DOGE) — an initiative created to reduce wasteful spending and eliminate unnecessary regulations — was granted access by the Treasury Department. The decision was approved by newly appointed Treasury Secretary Scott Bessent.

This unprecedented level of access has unsettled many.

Among the critics is Senator Elizabeth Warren, who sent a letter to Bessent calling the move an “astonishing mismanagement” and demanding answers to why Musk’s team was granted entry to such a critical system.

“It is extraordinarily dangerous to meddle with the critical systems that process trillions of dollars of transactions each year, are essential to preventing a default on federal debt, and ensure that tens of millions of Americans receive their Social Security checks, tax refunds, and Medicare benefits,” she wrote.

“The American people deserve answers about your role in this mismanagement, which threatens the privacy and economic security of every American.”

Retire richer: The secret to building wealth faster

Most people miss out on key opportunities to grow their wealth. Partnering with the right financial advisor can help you secure a brighter future. Learn how to make your money work harder for you today.

Discover the secret

‘At the mercy of Elon Musk’

Warren also took to the stage to sound the alarm. During a Senate Democratic Leadership press briefing on Feb. 3, she raised concerns about the potential risks of Musk's involvement, emphasizing the widespread impact of the federal payment system.

“The system that makes sure that your granddad gets his Social Security check. The system that makes sure your mom’s doctor gets a Medicare payment to cover her medical appointment. And the system that makes sure you get the tax refund you’re owed, has been taken over by Elon Musk,” she warned.

She painted a dire picture.

“Every organization from your state government that uses federal money on that bridge project to the local Head Start that takes care of little kids while their mommies and daddies go to work is now at the mercy of Elon Musk. Maybe you get paid, or maybe you don’t — because now it appears that all of us work for Elon Musk.”

Warren isn’t the only one raising the alarm. Standing alongside her, Senate Democratic Leader Chuck Schumer stated, “Before our very eyes, an unelected shadow government is conducting a hostile takeover of the federal government.”

Could your Social Security be affected?

As Warren pointed out, the federal payment system processes trillions of dollars each year, including Social Security benefits for millions of Americans.

Even before the judge's reined DOGE in, there was no indication that Musk’s involvement would immediately impact Social Security benefits. According to the New York Times, Musk’s initiative is intended to be part of a broader review of the payments system to scrutinize improper payments, rather than an effort to arbitrarily block individual transactions, citing sources familiar with the matter.

Meanwhile, the Wall Street Journal reports that a person familiar with the arrangement described DOGE representatives’ access as “read only,” emphasizing that they won’t have direct authority to stop individual payments or make changes to the system.

Still, concerns about the long-term sustainability of the Social Security program remain — and this issue is independent of Musk’s involvement.

According to the program’s annual trustees report, the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of scheduled benefits until 2033. After that, the fund’s reserves will be depleted, and continuing program income will only be sufficient to cover 79% of scheduled benefits.

Sponsored

Meet your retirement goals effortlessly

The road to retirement may seem long, but with Advisor, you can find a trusted partner to guide you every step of the way

Advisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Jing Pan Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.