Summary
Elon Musk called Social Security a “Ponzi scheme” on “The Joe Rogan Experience,” claiming it’s unsustainable due to long-term obligations exceeding tax revenue.
Critics, including Sen. Bernie Sanders, accused him of pushing privatization to benefit the wealthy. Musk also made false claims about Social Security mispayments.
His comments come amid looming Social Security cuts and restructuring. The Social Security Administration warns of potential fund shortages by 2035.
Democrats advocate for raising the tax cap on high earners to strengthen the program.
The existence of disability insurance (SSDI), in and of itself, is enough to refute this “ponzi scheme” bullshit.
There are people who have never paid a cent into Social Security, yet receive benefits.
Imagine that with an actual ponzi scheme… Instead of giving Peter’s money to Paul, you give it to Sally who’s paraplegic, can’t work, and has paid nothing into the fund.