Elon Musk is asking Social Security a “Ponzi scheme,” prompting suspicion that the world’s richest man is merely hoping to denationalise a social security web that has existed because the Thirties — and has saved thousands and thousands of aged, poor and disabled People from destitution.
The billionaire argued Friday on “The Joe Rogan Experience” podcast that the US authorities is “one huge pyramid scheme” before blasting Social Security as “the most important Ponzi scheme of all time.”
When requested to make clear, Musk mentioned, “Properly, individuals pay into Social Safety and the cash goes out of Social Safety instantly, however the obligation for Social Safety is your whole retirement profession. For those who take a look at the long run obligations of Social Safety, it far exceeds the tax income.”
Musk, who oversees Trump’s cost-cutting initiative for federal spending, the Division of Authorities Effectivity, added that “persons are residing approach longer than anticipated” and thus the federal government’s obligation to pay the debt “shall be a lot worse sooner or later.”
He’s far from the first conservative to characterize Social Safety as a “Ponzi scheme,” which refers to a sort of fraud wherein current prospects get payouts that come from the investments of latest prospects.
The Social Safety Administration has said it may face a scarcity of funds by 2035. However many Democrats have argued that this system’s funds ought to merely be shored up by eliminating the cap on Social Safety taxes for prime earners, that means that individuals who make some huge cash would pay proportionately extra into this system.
Elsewhere throughout his podcast look, Musk shared debunked claims about Social Safety.
“We discovered simply with a fundamental search of the Social Safety database that there have been 20 million useless individuals marked as alive,” Musk mentioned, prompting host Joe Rogan to ask if these supposed useless persons are truly receiving cash and the way a lot of it they’re getting.
“A few of them are getting cash,” Musk mentioned.
He made similar comments final month, falsely claiming that “tens of millions” of useless persons are receiving Social Safety advantages. That false impression stems, partially, from the way in which knowledge is labeled in Social Safety’s software program system, The Associated Press reported. A 2024 report from SSA’s inspector normal discovered lower than 1% in improper funds from 2015 to 2022, and most of these had been overpayments to individuals who had been alive.
Musk’s feedback on Social Safety landed because the company faces dramatic cuts, telling its staff Thursday that there shall be a large reorganization involving “significant workforce reductions.”
Source link