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FEDERAL PROGRAMS THAT SERVE TENS OF MILLIONS OF PEOPLE EVERY DAY. MORE THAN 68 MILLION PEOPLE RECEIVE SOCIAL SECURITY. MORE THAN 66 MILLION PEOPLE GET THEIR HEALTH COVERAGE THROUGH MEDICARE. PRESIDENT TRUMP RECENTLY PROMISED IN A FOX NEWS INTERVIEW THAT NEITHER WOULD BE TOUCHED, AS HIS ADMINISTRATION WORKS TO TRIM THE FEDERAL GOVERNMENT. BUT THE PROGRAMS ARE CLEARLY ON HIS ADMINISTRATION’S RADAR. THE DEPARTMENT OF GOVERNMENT EFFICIENCY, OR DOGE, LISTS AT LEAST TEN SOCIAL SECURITY OFFICES TO BE CLOSED. DOGE HAS ALSO REQUESTED ACCESS TO RECIPIENT INFORMATION, ACCORDING TO THE ASSOCIATED PRESS. AND BOTH THE PRESIDENT AND ELON MUSK HAVE RECENTLY MADE FALSE CLAIMS OF FRAUD AT THE AGENCY. NANCY ALTMAN IS ON THE SOCIAL SECURITY ADVISORY BOARD AND IS PRESIDENT OF SOCIAL SECURITY WORKS. IT’S SO NICE TO HAVE YOU JOIN ME. THANK YOU FOR HAVING ME. CAN YOU TELL ME HOW BOTH OF THESE PROGRAMS STARTED AND WHY THEY STARTED? THE CONCEPT BEHIND SOCIAL SECURITY IS THAT AS LONG AS PEOPLE ARE DEPENDENT ON WAGES TO PAY THEIR THEIR HOUSING AND THEIR RENT AND THEIR FOOD AND SO FORTH, THEIR BASIC NECESSITIES, THEY NEED INSURANCE AGAINST THE LOSS OF THOSE WAGES. SO WHAT SOCIAL SECURITY DOES IS IT INSURES WAGES AGAINST LOSS. IN THE CASE OF DISABILITY, DEATH OR OLD AGE. BUT IF YOU DON’T HAVE HEALTH INSURANCE, MEDICARE IS THERE TO ENSURE THAT WHEN ILLNESS OR ACCIDENT HAPPENS, WE HAVE INSURANCE TO PAY FOR THAT. ONE OF THE CONSISTENT THEMES AROUND SOCIAL SECURITY HAS BEEN IT’S RUNNING OUT OF MONEY. IS THAT FACTUALLY TRUE? NO. THE REALITY IS THAT SOCIAL SECURITY IS COMPLETELY AFFORDABLE. IT’S VERY FAIR IN ITS DISTRIBUTION. IT’S VERY SECURE. IT’S VERY NEEDED. AND TO MAKE SURE THAT THOSE BENEFITS WILL ALWAYS BE THERE. SOCIAL SECURITY HAS ABOUT 40 ACTUARIES AT THE SOCIAL SECURITY ADMINISTRATION WHO PROJECT OUT NOT JUST 10 OR 20 YEARS, BUT 75 YEARS. AND WHEN YOU PROJECT OUT THAT FAR, SOMETIMES YOU’RE GOING TO SHOW AN SURPLUSES, SOMETIMES UNINTENDED SHORTFALLS. THEY ARE PROJECTING AN UNINTENDED SHORTFALL. CONGRESS HAS PLENTY OF TIME TO ACT. AND IT’S VERY MANAGEABLE. WHERE DOES THAT CONFIDENCE COME FROM? IF CONGRESS DIDN’T ACT? THOSE BENEFITS, ACCORDING TO THE ACTUARIES, WOULD BE AUTOMATICALLY CUT THE FOLLOWING MONTH BY 20%. EVERY MEMBER OF CONGRESS BE VOTED OUT OF OFFICE IF THAT HAPPENED. THEY COULDN’T SHOW THEIRSELVES IN THE DISTRICT. THEY’D BE CHASED DOWN THE STREET. I AM CONFIDENT THEY CANNOT LET THAT HAPPEN AND THEY SHOULD NOT LET THAT HAPPEN. THE OTHER THING THAT PEOPLE TALK ABOUT IS FRAUD. HOW BAD IS THE FRAUD? EVERY INSURANCE PROGRAM HAS SOME FRAUD, BUT THE PRIVATE INSURANCE HAS MUCH LARGER AMOUNTS OF FRAUD THAN SOCIAL SECURITY. SOCIAL SECURITY’S IMPROPER PAYMENTS. SO THAT’S NOT FRAUD. THAT’S JUST CAN BE MISTAKES OR SLOWNESS IN CORRECTING CHANGES. IT’S LESS THAN 1%. SO FRAUD IS VANISHINGLY SMALL. SAME WITH MEDICARE. WHAT ARE THE SPECIFIC PROGRAMS THAT HELP COUNTERACT FRAUD? I’M SO GLAD YOU ASKED THAT, BECAUSE THE TRUMP ADMINISTRATION KEEPS SAYING THAT THEY’RE CONCERNED ABOUT FRAUD, BUT THEY FIRED THE INSPECTOR GENERALS. THE INSPECTOR GENERAL’S JOBS ARE TO ROOT OUT FRAUD AND VERY CAREFULLY MANAGE AND WATCH THE PROGRAM. A LOT OF THE CONVERSATION HAS FOCUSED AROUND PRIVATIZING SOCIAL SECURITY. WHAT WOULD THAT MEAN, EXACTLY? UNLIKE SAVINGS, WHICH YOU CAN OUTLIVE, YOU CANNOT OUTLIVE SOCIAL SECURITY. IF YOU LIVE TO 110, YOU’LL GET IT EVERY SINGLE MONTH. WHAT? PRIVATIZING MEANS TAKING OUR MONEY THAT WE PAY AS PREMIUMS TO SOCIAL SECURITY AND PUTTING THEM IN THE STOCK MARKET IN INDIVIDUAL ACCOUNTS. SOCIAL SECURITY PULLS OUR RISK. SO AS A NATION, WE’RE ALL IN IT TOGETHER. IN INDIVIDUAL ACCOUNTS, PRIVATIZING IT, WE WOULD GO UP AND DOWN WITH THE STOCK MARKET. YOU KNOW, IF WE HAD RETIRING IN 2009 WHEN WE HAD THE LAST BIG RECESSION, YOU’D BE OUT OF LUCK. IT’S A BAD IDEA, AND WE HAVE TO KEEP WATCHING BECAUSE THERE HAVE BEEN EFFORTS ALL THROUGH THE HISTORY OF SOCIAL SECURITY TO TAKE IT APART. NANCY ALTMAN SITS ON THE BIPARTISAN SOCIAL SECURITY ADVISORY BOARD. THANK YOU SO MUCH FOR TALKING WITH M