Elon Musk he’s calling Social security A “Ponzi scheme”, pushing the suspicion that the richest man on the earth merely hopes to denationalise a social safety community that has existed for the reason that Nineteen Thirties – and has maintained hundreds of thousands of aged Americans, poor and disabled from distress.
The billionaire mentioned Friday “Joe Rogan’s experience“Podcast that the United States authorities is” a big pyramid scheme ” Before blowing social security As “the best Ponzi scheme of all time”.
When he was requested to make clear, Musk mentioned: “Well, folks pay social safety and cash instantly goes out of social safety, however the obligation for social safety is your complete retirement profession. If you take a look at the long run social safety obligations, far exceeds tax revenues.”
Musk, who supervises the Trump value discount initiative for federal expenditure, the federal government’s effectivity division, added that “folks live longer than anticipated” and subsequently the federal government’s obligation to pay the debt “shall be a lot worse sooner or later”.
He is Far from the first conservative Characterizing social safety as a “Ponzi scheme”, which refers to a kind of fraud during which current clients acquire funds that come from the investments of latest clients.
The administration of social safety he said might face a deficiency of funds by 2035. But Many democrats have discussed That this system funds ought to merely be supported by eliminating the restrict on social safety taxes for prime earnings, which signifies that individuals who earn some huge cash would pay proportionally extra in this system.
Elsewhere throughout his look in Podcast, Musk shared statements about social safety.
“We solely found with a primary analysis of the social safety database that had been 20 million deaths marked as dwell,” mentioned Musk, pushing the visitor Joe Rogan to ask if these alleged deaths are literally receiving cash and the way a lot they’re getting.
“Some of them are getting cash,” Musk mentioned.
He did Similar comments Last month, falsely supporting “tens of millions“The lifeless obtain advantages for social safety. That flawed thought derives, partly, from the best way the information are labeled within the social safety software program system, The Associated Press reported. A 2024 Report The basic inspector of the SSA discovered lower than 1% in improper funds from 2015 to 2022 and most of those had been extra funds for lives.
Musk’s feedback on social safety landed whereas the company has to face dramatic cuts, telling its staff on Thursday that there shall be a large reorganization involving “significant reductions in the workforce”.
