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Federal spending cuts to Medicaid would impact more than 80 million people who rely on the program.
It may also have negative effects on the economy, new research finds.

A “Save Medicaid” sign is affixed to the podium for the House Democrats’ press event to oppose the Republicans’ budget on the House steps of the Capitol on Tuesday, February 25, 2024. 
Bill Clark | Cq-roll Call, Inc. | Getty Images

House Republicans have called for about $880 billion in spending cuts over the next decade that may target Medicaid, a program that provides health care and other services to millions of Americans.
The budget resolution adopted by the chamber on Feb. 25 is aimed at implementing the cuts to help pay for renewing tax cuts expiring the end of this year. The House Energy and Commerce Committee is charged with finding the savings, and Medicaid is under its jurisdiction. Of note, the resolution doesn’t specifically single out Medicaid.

“It is very hard to imagine coming up with enough savings from what’s in their jurisdiction without a hefty cut to Medicaid, just given its size,” said Josh Bivens, chief economist at the Economic Policy Institute.
Republicans including House Speaker Mike Johnson have said they do not plan to cut Medicaid, in keeping with President Donald Trump’s promise not to touch the program.
Neither the White House nor the Energy and Commerce Committee were immediately available for comment.
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Cuts to Medicaid would impact more than 80 million people who rely on the program for health insurance every month, including many individuals who are middle class, as well as older adults who use it for long-term care benefits, Bivens said.

Because the program is the largest federal program for alleviating poverty, cutbacks would increase hardships for already struggling families, according to new research from the Economic Policy Institute.
Moreover, Medicaid cuts of that size would also make the U.S. more vulnerable to a recession, according to the research.

Cuts may have ‘noticeable effects’ on spending

Implementing Medicaid spending cuts to extend tax breaks from the Tax Cuts and Jobs Act would have “noticeable effects” on economywide spending, according to the Economic Policy Institute.
Republicans and Democrats have opposing views on what the impact of extending those cuts may be. While Democrats say renewing the policy would benefit the wealthiest Americans, Republicans contend it could create a windfall for low- and middle-income Americans. Research from the Penn Wharton Budget Model and the Urban Institute has found high-income taxpayers would benefit most.
High-income households would likely save the additional money they see from any tax cuts, and therefore not result in meaningful spending, the EPI predicts.
In contrast, individuals who are affected by the Medicaid cuts would reduce their medical spending, such as by skipping doctors’ visits, the EPI report found. For people with less generous Medicaid coverage, higher out-of-pocket costs would limit their ability to spend in other areas.
A dollar cut to Medicaid generally has a much bigger macro effect than a dollar cut to taxes for high-income people, Bivens said. Because Medicaid beneficiaries are so income constrained, every extra dollar of funding that goes to Medicaid frees up money they can spend elsewhere, he said. Medicaid cuts curb their ability to spend.

An $880 billion cut to Medicaid would prompt a 0.5% drag on economic growth, according to the Economic Policy Institute. That could nudge the unemployment rate up by about 0.3 percentage point, and leave about 550,000 people involuntarily without jobs.
To counteract the slower economic growth, the Federal Reserve could lower interest rates from about 4.25% to around 2.5%, according to the Economic Policy Institute. But that would limit the central bank’s ability to react to any other recessionary shocks that could come up.
Research from the Commonwealth Fund has found when Medicaid is expanded, additional federal funding can help promote stronger state economies. For states that implement expansions, that may boost state output, state gross products and personal incomes in those states, which also benefits the country at large, according to the research.

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The more than 9 million federal student loan borrowers, who are late on their bills, may see their credit scores tank by as much as 129 points, a new report finds.
Borrowers with past-due student loans and lower credit scores face higher borrowing costs across the board — from mortgages, car loans and credit cards, said certified financial planner Cathy Curtis.

Students walk through the University of Texas at Austin on February 22, 2024 in Austin, Texas. 
Brandon Bell | Getty Images

For the first time since the pandemic, becoming past-due on your student loan payments will hurt your credit again.
The more than 9 million borrowers who are late on their payments may see their credit scores tank by as much as 129 points as the U.S. Department of Education ramps up collection activity again, a new report by VantageScore finds. The credit score company analyzed U.S. Department of Education data.

Meanwhile, those who are paying their student loan bills on time will likely benefit from a rise in their credit scores by much as eight points, according to VantageScore.
Credit scores typically range from 300 to 850, with around 670 and higher considered good.
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It’s been a long time since federal student loan borrowers have needed to worry about the downsides of missed payments, which can also include the garnishment of wages and retirement benefits. That’s because collection activity was suspended during the the pandemic and for a while after. The relief period officially expired on Sept. 30, 2024.
“For the first time in five years, federal student loan delinquencies will start to reappear on credit files,” said Rikard Bandebo, chief economist at VantageScore, in a statement.

Here’s what student loan borrowers should know about their credit scores.

43% of borrowers with bills due were behind

Around 9.2 million people — 43% of the roughly 22 million borrowers with payments due — are behind on their payments, according to the VantageScore report.
The delinquencies will pop up on credit reports between now and May.
Those borrowers’ credit scores will likely take a hit, triggering a cascade of other financial consequences, said Cathy Curtis, a certified financial planner and the founder and CEO of Curtis Financial Planning in Oakland, California.
“Borrowers with past-due student loans and lower credit scores face higher borrowing costs across the board — from mortgages, car loans and credit cards,” said Curtis, a member of CNBC’s Advisor Council.
Federal student loan borrowers who’ve defaulted on their loans may also see their wages garnished starting in October of this year, according to a January memo from the U.S. Department of Education.

How to stay current on your student loans

Student loan borrowers struggling to make their payments have options, said higher education expert Mark Kantrowitz.
The borrowers can apply for an income-driven repayment plan, which will cap their monthly bill at a share of their discretionary income. Many borrowers end up with a zero monthly payment. As of now, the applications for IDR plans are unavailable while the Education Department makes sure its plans comply with a new court order. But you should be able to access one in the coming months.

Borrowers can also apply for a number of deferments or forbearances, which can pause your payments for a year or more.
Additionally if you’re already in default on your loans, you should consider rehabilitating or consolidating your debt, experts said.
Rehabilitating involves making “nine voluntary, reasonable and affordable monthly payments,” according to the Education Department. Those nine payments can be made over “a period of 10 consecutive months,” its web site notes.
Consolidation, meanwhile, may be available to those who “make three consecutive, voluntary, on-time, full monthly payments.” At that point, they can essentially repackage their debt into a new loan. (The online loan consolidation application is also temporary unavailable.)
If you don’t know who your loan servicer is, you can find out at Studentaid.gov.
Experts also recommend that you check your credit reports regularly for free at AnnualCreditReport.com to make sure all three credit rating companies — Experian, Equifax and TransUnion — are showing your correct student loan balance and payment status. More

High costs for necessities, such as food and housing, have stretched consumer budgets. 
Treasury Secretary Scott Bessent said the U.S. will create an affordability council to tackle rising prices.
In the meantime, here are key steps consumers can take even amid the escalating trade war to bring monthly expenses down.

President Donald Trump vowed to “make America affordable again” before a joint session of Congress Tuesday, but also noted that his steep new tariffs may cause some “disturbance.”
Tariffs on Canada and Mexico took effect the same day, and economists say the taxes are bound to raise prices for consumers — which is already fueling concern among households. 

Taken together, Trump’s tariffs on Canada, China and Mexico would cost the typical household more than $1,200 a year, according to a recent analysis by The Peterson Institute for International Economics. (That tally does not account for Trump’s order on Tuesday doubling the 10% tariff on Chinese imports.)
“As long as these tariffs are in place, Americans will be forced to pay higher prices on household goods,” David French, the National Retail Federation’s executive vice president of government relations, said in a statement.
To that end, the federal government plans to appoint an “affordability czar,” as well as create an affordability council, to address high prices in the U.S., Treasury Secretary Scott Bessent said Sunday on “Face the Nation with Margaret Brennan.”
“We are laser focused on this,” Bessent said.
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According to Bessent, the “affordability czar” will pick “five or eight areas where this administration can make a big difference for working class Americans.”
Among the likely contenders could be housing, car prices, groceries, electronics and appliances, all of which have notched significant price jumps in the last five years, data shows.

Higher prices weigh heavily on consumers

Even though inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped. High costs for food and housing, especially, continue to stretch consumer budgets. 
The Conference Board’s consumer confidence index sank in February — notching the largest monthly drop since August 2021 — as worries brewed about tariffs and rising inflation. The University of Michigan’s consumer sentiment index similarly found that Americans largely fear that inflation will flare up again.
“Weak consumer perceptions and uncertainty from the lack of clarity regarding future government policies and regulations can significantly hinder business operations,” said Jack Kleinhenz, chief economist at the National Retail Federation. “That, in turn, can cause a hesitation in consumer spending and make it difficult for companies to make investment and hiring decisions.”

How to hack monthly costs

To safeguard affordability, there are steps consumers can take even amid the escalating trade war and increased inflationary fears.
Consumer savings expert Andrea Woroch recommends “hacking waste from your monthly bills.”
Start with recurring expenses, she advised. Among her top strategies:

Negotiating rates with current providers by leveraging competitor deals or asking for promos.
Canceling unused subscriptions or slashing extra services in your current plans, such as “premium movie channels you don’t watch, or get rid of that extra cable box in the guest room,” she said.
Also, “bundle insurance policies or increase your insurance deductible for up to 20% savings on monthly premiums and get in the habit of unplugging unused gadgets for up to 10% savings on energy,” she said.

People shop for groceries in Monterey Park, California, on February 12, 2025.
Frederic J. Brown | Afp | Getty Images

Cutting back at the grocery store is another big opportunity to reduce your monthly expenses, Woroch said. “Start meal planning and don’t make it overly complicated.”
Woroch also advises looking for recipes that use similar ingredients to ensure all food purchases get consumed in a typical week.
“The less you waste, the less you will spend on groceries,” she said.
“I’d also suggest doing meal planning in reverse — this is when you create a meal plan based on what your grocery store has on sale,” she said. Then stick with your list when shopping. 
Further, cook in bulk and freeze single serving leftovers so you have something on hand to reheat to avoid pricey take-out orders.
Finally, put those purchases on a credit card that gives cash back across your major spending categories, such as groceries, gas or utilities.
“This covers most people’s top spending areas, and you can rake in a lot of free money,” Woroch said.
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Coming up with a down payment continues to be a major hurdle for many Americans.
The Federal Housing Administration is one of the main government agencies that offers low down payment mortgages for qualifying homebuyers in the U.S.
Here’s what to know.

Department of Housing and Urban Development
Source: Department of Housing and Urban Development

Tens of thousands of federal workers have lost their jobs in recent weeks as the Trump administration attempts to slash government spending.
Employees at the Federal Housing Administration could be one of the next targets, according to Antonio Gaines, president of the American Federation of Government Employees National Council 222, a labor union that represents the largest number of employees at the Department of Housing and Urban Development.

It’s unclear how many and what type of workers are at risk of losing their jobs within the FHA, an agency under HUD.
“It will not be near the 40% to 50% range that other program areas are experiencing, but there will be some cuts,” Gaines told CNBC.
HUD Secretary Scott Turner launched a Department of Government Agency Task Force in February to review HUD’s budget and look for ways to cut spending.
Bloomberg reported a potential 40% slash to the agency’s headcount. HUD did not return CNBC’s requests for comment, but HUD officials told Bloomberg that the 40% figure is “not accurate.”
The White House did not respond to requests for comment.

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The FHA is one of the main government agencies that offers low down payment mortgages for qualifying homebuyers in the U.S. FHA loans can require as little as 3.5% down for qualifying borrowers, which include first-time buyers, low- and moderate-income buyers and buyers from minority groups.
About 15% of mortgaged home sales used an FHA loan in December, up from mid-2022’s decade-low of roughly 10%, according to Redfin. The rise could be a sign of the competition in the housing market winding down, Chen Zhao, a Redfin economist, recently told CNBC.
Here’s what potential staff cuts to the FHA could mean for homebuyers in the U.S. down the line, according to experts. 

How fewer staffers at FHA can affect homebuyers

While it remains to be seen if FHA staff cuts materialize, and to what extent, any layoffs should not affect the ability for borrowers to get an FHA loan, said Melissa Cohn, regional vice president at William Raveis Mortgage. But they may slow the process.
“Fewer loans will get approved in the same time period because there are just fewer people working on them,” she said.
Ingrid Gould Ellen, a professor of urban policy and planning, and director of housing and urban policy at New York University, agreed, saying “I can imagine the cuts potentially leading to delays at all stages.”
That could mean it takes longer to receive approvals, or resolve any issues between the loan originator and FHA after the loan closes, she said. 
“These delays would ultimately lead to higher costs of mortgages,” Gould Ellen said, as it will take more time to close a loan and lock in an interest rate.

FHA staff typically run borrowers’ applications through a model program that determines whether or not they get approved for a loan, said Richard Green, director and chair of Lusk Center for Real Estate at University of Southern California.
In some cases, the system will flag applicants as “exceptions,” or individuals who need to go through manual underwriting. This can be a “labor intensive process,” he said. 
“For those who got loans through manual underwriting, I would imagine it’s going to take longer,” if there are staff cuts, Green said.
With fewer FHA staff workers available, third-party loan officers who are tasked with processing FHA loans could potentially charge higher fees to compensate for the added labor, he said.
“People’s time has value. And if you’re telling loan officers that they’re going to have to take more time to do an FHA loan, it will show up in cost,” Green said.

Higher fees could eat into how much a buyer is able to put down. This will ultimately further burden individuals who are seeking out low-down payment mortgages because they don’t have enough savings to fully cover upfront costs.

‘Business as usual’ for now

“So right now, it’s business as usual,” she said.
But keep in mind that any staffing cuts could affect how long it takes to get an FHA loan, Cohn said: “Buyers who are looking to buy today are going to have to take more time to get the deal done.” 
Slower processing times could make your offer less competitive, especially if sales in your market typically close in shorter periods, she said. 
For instance, if you’re shopping in a place where it usually takes 30 days for a transaction to complete, “a seller might not be willing to wait” any longer to get an FHA deal to close, Cohn said. 
Therefore, if you’re a first-time homebuyer on the market, you may benefit from casting a wide net when searching for mortgage financing. Look at down payment assistance programs at the state or local level, which can help you put down more and broaden your lending options, experts say. More

In December, the median down payment among homebuyers was $63,188, up 7.5% from a year ago, according to a recent report by Redfin.
But for most, coming up with a down payment is still a “very significant” hurdle, according to a new report by Bankrate.

Alvarez | E+ | Getty Images

Home prices have been rising, and so have down payments.
The median down payment among homebuyers in December was $63,188, according to a recent report by Redfin. That’s up 7.5%, or about $4,000, from a year prior.

“That is mostly reflecting the fact that home prices have increased,” said Chen Zhao, an economist at Redfin.
On top of high home prices, other issues homebuyers face include high inflation, volatile mortgage rates and limited savings balances.
The typical homebuyer down payment was equal to about 16.3% of the purchase price in December, when the median home-sale price was $428,000, per Redfin data. 
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While homebuyers are putting down more cash for their home purchases, down payments continue to be a major hurdle.

A new report by Bankrate found that 81% of would-be buyers say that down payment and closing costs are obstacles toward owning a home some day. For 52%, the hurdle is “very significant” while for 29% it’s “somewhat significant.”
The survey conducted by YouGov Plc polled 2,703 U.S. adults in mid January.

What to know about low-, no-down-payment loans

There are low- and no-down-payment mortgage options across federal agencies like the Fair Housing Association, the Department of Veteran Affairs and U.S. Department of Agriculture.
The Department of Veterans Affairs offers VA loan programs, and those who qualify can put down as little as 0%. Mortgages from the U.S. Department of Agriculture, referred to as USDA loans, aim to help buyers purchase homes in rural areas and also offer 0% down payment options.
Federal Housing Administration loans, or FHA loans, can require as little as 3.5% down for qualifying borrowers, which include first-time buyers, low- and moderate-income buyers and buyers from minority groups.

You don’t get anything for free.

Melissa Cohn
regional vice president at William Raveis Mortgage

Recently, more people are using mortgage options sponsored by the government. About 15% of mortgaged home sales used an FHA loan in December, up from mid-2022’s decade-low of roughly 10%, Redfin found. The share of those who used a VA loan rose to 6.7%, from 6.2% a year earlier.
The increase could be a sign of buyers having an upper hand in the market, said Redfin’s Zhao. Typically, sellers prefer to avoid FHA loans because they can involve a longer processing time, she said. For this reason, buying with an FHA loan can be less advantageous in a highly competitive housing market.

While low-down payment mortgages can help someone achieve homeownership, there may be additional costs involved.
With less cash upfront, you will need to borrow more, making your monthly mortgage payment much higher, experts say. And you could also face higher mortgage rates.
“The best priced loans are going to do a larger down payment, so the less you put down, the higher the rate is, the greater the risk,” said Melissa Cohn, regional vice president at William Raveis Mortgage.
With a down payment of less than 20%, you may be subject to private mortgage insurance, or PMI, which is added to the monthly mortgage payment.  
Meanwhile, mortgage lenders tend to offer better loan terms to borrowers who put more cash up front, or make 20% down payments. Benefits can include lower interest rates, reduced fees and favorable repayment terms. While a 20% down payment can be daunting, it’s certainly not a requirement. You can buy a house with much less up front. Here’s what to know.
PMI can cost anywhere from 0.5% to 1.5% of the loan amount per year, depending on factors such as your credit score and your total down payment, according to The Mortgage Reports. For example, on a loan for $300,000, mortgage insurance premiums could cost from $1,500 to $4,500 a year, or $125 to $375 a month, the site found.
“You don’t get anything for free,” said Cohn. 

‘Time isn’t a nemesis’

In Bankrate’s survey, respondents said they expect that coming up with a down payment will take years.
But “time isn’t necessarily a nemesis,” said Mark Hamrick, senior industry analyst at Bankrate. “Having more time is quite virtuous.”
The time it takes to save can work in your favor. As you build your down payment savings, you can also work on paying down debt and improving your credit, so that you improve your chance of being approved for a mortgage at the best-available rate, Hamrick said.

While you’re building your down payment, look for other programs that can help you get there faster.
Aside from federally backed low-down-payment mortgage options, consider state or local assistance down payment assistance programs, which can offer aid to those who qualify, experts say. Such programs can offer grants and loans to help cover part or all of a homebuyer’s down payment and closing costs, per The Mortgage Reports.
“The good news is the federal government isn’t the only game in town,” Hamrick said. “It’s really about trying to be aware and take advantage of any potential applicable program.”
Browse online through the state agency and see if you meet the qualifications for any assistance programs or grants available in your state or area, Cohn said.
“For people who don’t have the luxury or haven’t been able to save enough, that’s a good option,” she said. More

This year, the school named by the highest number of students as their “dream” college was Massachusetts Institute of Technology, according to The Princeton Review.
MIT is both one of the most difficult schools to get into and one of the most expensive colleges in the United States. 
Despite the high cost of a private, four-year education, “don’t self-select out,” says James Lewis, president and co-founder of the National Society of High School Scholars.

Students on campus at Massachusetts Institute of Technology in Cambridge, Massachusetts.
Education Images | Universal Images Group | Getty Images

Harvard University is no longer the ultimate “dream” school, at least among current college applicants.
This year, Massachusetts Institute of Technology secured the top spot of most desirable colleges, according to a new survey of college-bound students by The Princeton Review.

Harvard fell from No. 1 after a prolonged period of controversy, marked by antisemitism on campus and the resignation of Harvard President Claudine Gay amid allegations of plagiarism.
Despite the reshuffling, there remains a common element at the top of the rankings, according to Robert Franek, The Princeton Review’s editor-in-chief. “Each of the schools are exceptional,” he said.

However, regardless of which institution they attend, for most students, the biggest problem remains how they will pay for their degree.

Cost is a major concern

A whopping 95% of families said financial aid would be necessary to pay for college and 77% said it was “extremely” or “very” necessary, The Princeton Review found. Its 2025 College Hopes and Worries Survey polled more than 9,300 college applicants between Jan. 17 and Feb. 24.
Often, which college those students will choose hinges on the amount of financial aid offered and the breakdown across grants, scholarships, work-study opportunities and student loans.

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MIT is one of the hardest schools to get into, with an acceptance rate of 4.5%. It’s also among the nation’s priciest institutions — tuition and fees, room and board and other student expenses came to more than $85,000 this year.
But MIT also offers generous aid packages for those who qualify. Among the Class of 2024, 87% graduated debt-free, according to the school.

Top colleges are seeking exceptional students from all different backgrounds, according to James Lewis, co-founder of the National Society of High School Scholars, an academic honor society.
To that end, many institutions will provide scholarships or discounted tuition, in addition to other sources of merit-based aid, he said.
For qualified applicants, “if they can go after those institutions, don’t self-select out,” Lewis said.

The return on investment: a good job

In part due to the high cost of college, students are also putting more emphasis on career placement, according to Christopher Rim, president and CEO of college consulting firm Command Education.
At MIT, for example, 2024 graduates earn a starting salary of $126,438, according to the latest student survey — nearly twice the national average. The percentage of MIT graduates employed in the months immediately after graduation has edged lower in recent years, while the share enrolling in graduate school has trended higher.
“Because it’s getting harder to find a job, students are more focused on what they are going to do after college,” he said. “That’s a big thing for them.”

When asked what they consider the greatest benefit of earning a college degree, most students said it was a “potentially better job and income,” The Princeton Review found.
Fewer said it was “exposure to new ideas, places and people.”
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The Social Security Administration has announced new plans to bring down costs, including efforts to reduce its head count to 50,000 from 57,000.
For some Americans, that could result in a lengthier waiting time for benefits, experts say.

The Social Security Administration office in Brownsville, Texas.
Robert Daemmrich Photography Inc | Corbis Historical | Getty Images

The Social Security Administration plans to shed 7,000 employees as the Trump administration looks for ways to cut federal spending.
The agency on Friday confirmed the figure — which will bring its total staff down to 50,000 from 57,000.

Previous reports that the Social Security Administration planned for a 50% reduction to its headcount are “false,” the agency said.
Nevertheless, the aim of 7,000 job cuts has prompted concerns about the agency’s ability to continue to provide services, particularly benefit payments, to tens of millions of older Americans when its staff is already at a 50-year low.
“It’s going to extend the amount of time that it takes for them to have their claim processed,” said Greg Senden, a paralegal analyst who has worked at the Social Security Administration for 27 years.
“It’s going to extend the amount of time that they have to wait to get benefits,” said Senden, who also helps the American Federation of Government Employees oversee Social Security employees in six central states.
Officials at the White House and the Social Security Administration were not available for comment at press time.

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The Social Security Administration on Friday said it anticipates “much of” the staff reductions needed to reach its target will come from resignations, retirement and offers for Voluntary Separation Incentive Payments, or VSIP. 
More reductions could come from “reduction-in-force actions that could include abolishment of organizations and positions” or reassignments to other positions, the agency said. Federal agencies must submit their reduction-in-force plans by March 13 to the Office of Personnel Management for approval.

Cuts may affect benefit payments, experts say

Former Social Security Administration Commissioner Martin O’Malley last week told CNBC.com that the continuity of benefit payments could be at risk for the first time in the program’s history.
“Ultimately, you’re going to see the system collapse and an interruption of benefits,” O’Malley said. “I believe you will see that within the next 30 to 90 days.”
Other experts say the changes could affect benefits, though it remains to be seen exactly how.
“It’s unclear to me whether the staff cuts are more likely to result in an interruption of benefits, or an increase in improper payments,” said Charles Blahous, senior research strategist at the Mercatus Center at George Mason University and a former public trustee for Social Security and Medicare.
Improper payments happen when the agency either overpays or underpays benefits due to inaccurate information.

With fewer staff, the Social Security Administration will have to choose between making sure all claims are processed, which may lead to more improper payments, or avoiding those errors, which could lead to processing delays, Blahous said.
Disability benefits, which require more agency staff attention both to process initial claims and to continue to verify beneficiaries are eligible, may be more susceptible to errors compared to retirement benefits, he added.

Cuts may have minimal impact on trust funds

Under the Trump administration, Social Security also plans to consolidate its geographic footprint to four regions down from 10 regional offices, the agency said on Friday.
Ultimately, it remains to be seen how much savings the overall reforms will generate.
The Social Security Administration’s funding for administrative costs comes out of its trust funds, which are also used to pay benefits. Based on current projections, the trust funds will be depleted in the next decade and Social Security will not be able to pay full benefits at that time, unless Congress acts sooner.
The efforts to cut costs at the Social Security Administration would likely only help the trust fund solvency “in some miniscule way,” said Andrew Biggs, senior fellow at the American Enterprise Institute and former principal deputy commissioner of the Social Security Administration.

What President Donald Trump is likely looking to do broadly is reset the baseline on government spending and employment, he said.
“I’m not disagreeing with the idea that the agency could be more efficient,” Biggs said. “I just wonder whether you can come up with that by cutting the positions first and figuring out how to have the efficiencies later.” More