Elon Musk is calling Social Security a “Ponzi scheme,” prompting suspicion that the world’s richest man is merely hoping to privatize a social safety net that has existed since the 1930s — and has kept millions of elderly, poor and disabled Americans from destitution.
The billionaire argued Friday on “The Joe Rogan Experience” podcast that the United States government is “one big pyramid scheme” before blasting Social Security as “the biggest Ponzi scheme of all time.”
When asked to clarify, Musk said, “Well, people pay into Social Security and the money goes out of Social Security immediately, but the obligation for Social Security is your entire retirement career. If you look at the future obligations of Social Security, it far exceeds the tax revenue.”
Musk, who oversees Trump’s cost-cutting initiative for federal spending, the Department of Government Efficiency, added that “people are living way longer than expected” and thus the government’s obligation to pay the debt “will be much worse in the future.”
He is far from the first conservative to characterize Social Security as a “Ponzi scheme,” which refers to a type of fraud in which existing customers get payouts that come from the investments of new customers.
The Social Security Administration has said it could face a shortage of funds by 2035. But many Democrats have argued that the program’s funds should simply be shored up by eliminating the cap on Social Security taxes for high earners, meaning that people who make a lot of money would pay proportionately more into the program.
Elsewhere during his podcast appearance, Musk shared debunked claims about Social Security.
“We found just with a basic search of the Social Security database that there were 20 million dead people marked as alive,” Musk said, prompting host Joe Rogan to ask if these supposed dead people are actually receiving money and how much of it they’re getting.
“Some of them are getting money,” Musk said.
Concerned citizens, politicians and pundits eviscerated Musk on social media for his remarks about Social Security. Jose Luis Magana/Associated Press
He made similar comments last month, falsely claiming that “tens of millions” of dead people are receiving Social Security benefits. That misconception stems, in part, from the way data is labeled in Social Security’s software system, The Associated Press reported. A 2024 report from SSA’s inspector general found less than 1% in improper payments from 2015 to 2022, and most of those were overpayments to people who were alive.
Musk’s comments on Social Security landed as the agency faces dramatic cuts, telling its employees Thursday that there will be a massive reorganization involving “significant workforce reductions.”
On Thursday, Sen. Bernie Sanders (I-Vt.) slammed the continued assaults on Social Security.
“Social Security keeps 18 million seniors out of poverty every year,” Sanders wrote on X, formerly called Twitter.
The progressive senator, who has introduced legislation to expand Social Security benefits, added, “Trump and Musk are lying about it for one reason: so they can cut, privatize & dismantle it. We must EXPAND Social Security benefits, not cut them.”
Social Security keeps 18 million seniors out of poverty every year. Trump and Musk are lying about it for one reason: so they can cut, privatize & dismantle it.
We must EXPAND Social Security benefits, not cut them. And I am introducing a bill to just that. pic.twitter.com/0sydy0g1zH — Bernie Sanders (@BernieSanders) February 27, 2025
Following Musk’s remarks on Rogan’s podcast, others on social media expressed outrage at his stance.
I cannot tell you how much it infuriates me to see this unelected billionaire knowingly smear arguably our most important social program -- Social Security keeps two-thirds of our elderly out of poverty, able to eat, pay their bills, etc -- to an audience of millions. Unchecked. https://t.co/l5j9Bsxw6o — Emma Vigeland (@EmmaVigeland) March 1, 2025
Social security is not a Ponzi scheme. Libertarians tend to be obtuse about things like long term actuarial liabilities. If Musk really wanted to cut government spending, he'd start with his own multi-billion dollar contacts. https://t.co/C0yzbyNz4D — Gil Garcia (@LooseIdentity) March 1, 2025
Musk: "Social Security is the biggest Ponzi scheme of all time"
Musk: "Er, um... *whines on about national debt*"
He doesn't know what Ponzi scheme means. pic.twitter.com/i4QwEJb4De — Oliver Stirling (@OWS1892) March 1, 2025
This is rich coming from a guy who has 10s of billions in government contract.
But we have to remain vigilant and take them at their word — Trump & Musk want to disrupt Social Security.
We’ll need to keep fighting to stop that from happening. https://t.co/eC2oByyhXa — Gabe Amo (@gabeamo) March 1, 2025
noahcallaway-wa on March 2nd, 2025 at 06:29 UTC »
The social security website tells you exactly how much money you've paid into the system over your life.
Which means, it tells you exactly how much money Elon Musk is trying to steal from you personally when he guts Social Security.
You should sign in and get your social security statement now, before they cut off access to it. https://www.ssa.gov/myaccount/statement.html
Know how much these fuckers are trying to rob from you. Personally.
Kernburner on March 2nd, 2025 at 06:24 UTC »
Wow, Republicans sure do like to defund and intentionally break government services, then point to how they “aren’t working correctly” as a thinly veiled excuse to eliminate them.
SlipNSlider54 on March 2nd, 2025 at 06:17 UTC »
The world’s richest man wants to enslave you