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Elon Musk recently went on Joe Rogan’s podcast and spoke about Social Security:
Well, I mean, the government’s one big pyramid scheme if you ask me.Social Security is, is the biggest Ponzi scheme of all time.. Oh, so, um, well, people pay into Social Security, um, and, and the money goes out of Social Security immediately, but the obligation for Social Security is, uh, So you’re, you’re paying, uh, with your, the kind of people you’re paying, like, like if you look at the future obligations of Social Security, it far exceeds, uh, the, the tax revenue far.
If you ever looked at the, the, the debt, the debt clock, it Okay. There’s, there’s, there’s our present day debt, but then there’s our future obligations. So when you look at the future obligations of Social Security, um, the actual, uh, national debt is like double what, what people think it is because of the future obligations.
Uh. So basically people are living way longer than expected. Um, and, uh, there are fewer babies being born, so you have more people who are retired and get that, that live for a long time and get re retirement payments. So the future obligation. So how, however, however bad the financial situation is right now for the federal government, it’ll be much worse in the future.
Social Security is not a Ponzi scheme because every American worker since the program was established has paid into the system. There is no one who doesn’t pay into the system and get their benefits when they reach retirement age.
Musk was demonstrating his fundamental ignorance about how the most basic of government programs works.
Rep. Alexandria Ocasio-Cortez (D-NY) ripped Musk apart on X:
