Monday, June 24, 2013

The Social Security Administration Is Incredibly Well-Run

That's the alternative headline to this report. Social Security's total outlays are slightly above $750 billion per year. To keep erroneous payments at $31 million -- .004% of spending!! -- is an astounding administrative feat.

To put this another way, imagine a median middle-aged household earning $65,000. To keep their improper payments as low as the SSA, they would have to keep waste down to $2.60 per year. That's a single error on a single bill. Nobody watches their spending this closely.

If a private business managed to keep improper payments this low, they'd be ecstatic.
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