TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why dead Americans received $31 million from the Social Security Administration.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05There's a muted response to the latest batch of economic data released on Thursday.
00:09Retail sales for December rose 0.4 percent, which was not as strong as expected.
00:15However, figures for November were upwardly revised.
00:19Put that together, and you have a solid end-of-year buying season.
00:22Meanwhile, weekly jobless claims rose more than anticipated in early January,
00:27in contrast to December's blockbuster hiring spree.
00:32Turning to other business headlines, $31 million.
00:36That's how much money the government has recalled so far
00:39from Social Security payments erroneously sent to dead people.
00:44This is just the beginning of a long-term plan that the Treasury,
00:47it projects that it will be able to recoup $215 million
00:51by the time congressional clawback permission expires in 2026.
00:56The Treasury has been granted temporary access
00:59to the Social Security Administration's so-called full death master file,
01:04which is the most complete government database tracking deaths.
01:08A Treasury official said that by tapping into these records,
01:11the government can, quote, significantly reduce fraud, improve program,
01:16and better safeguard taxpayer dollars.
01:19The Treasury is seeking permanent access to the file
01:22as questions persist about the future solvency of America's retirement program.
01:27Trustees of the Social Security's trust funds project that by 2035,
01:32the program will no longer be able to meet 100% of its obligations.
01:37That clock is likely to speed up as baby boomers retire quicker than younger,
01:42working-age Americans are able to make contributions.
01:45Nearly 72 million Americans received a check from the Social Security Administration in 2023.
01:52That'll do it for your daily briefing from the New York Stock Exchange.
01:55I'm Conway Gittins with The Street.