WASHINGTON − Elon Musk sharply criticized Social Security in a Friday podcast interview with Joe Rogan, labeling the critical elder benefits program a “Ponzi scheme.”
Musk, who is the world’s richest man and an increasingly powerful adviser to President Donald Trump, also described the federal government as “one big pyramid scheme.” Musk is a leading figure in the administration’s effort − largely through the Department of Government Efficiency − to cut costs and dismantle the federal bureaucracy.
Social Security, which dates to the 1930s and former President Franklin D. Roosevelt’s New Deal social programs, uses funds collected from workers’ paychecks to pay small monthly benefit checks to retirees, disabled Americans and others.
The CEO of companies including Tesla and SpaceX argued that the U.S. “better fix” its entitlement systems because birth rates have fallen and post-retirement life expectancy has increased.
“There are fewer babies being born,” the billionaire said on the mega-popular podcast, “and you have more people who are retired that live for a long time and get [Social Security] payments.” Musk previously claimed that tens of millions of dead Americans are receiving benefits, but the Associated Press found his comments were “overstated and misrepresent Social Security data.”
The billionaire’s remarks sparked concern over whether he aims to dismantle key social safety net benefits, immediately drawing rebukes from Democratic lawmakers. Sen. Adam Schiff, D-Calif., alleged Musk’s comments show that Republicans are “coming after Social Security and Medicare. And they aren’t even hiding it.”
But a top Republican, House Speaker Mike Johnson, R-La., addressed the remarks Sunday on NBC’s “Meet the Press.” He argued any Musk-led efforts to scrutinize Social Security will focus on “fraud, waste and abuse.” (The agency’s independent watchdog found in August 2024 that between fiscal 2015 and 2022, less than one percent of its payments were “improper.”)
Sen. Bernie Sanders, I-Vt., also speaking on Sunday’s “Meet the Press,” argued the cash crunch would end if Congress repealed the Social Security tax cap: U.S. taxpayers only pay Social Security taxes on the first $176,100 of their annual wages. He said that means the ultrawealthy like Musk pay the same amount into the program “as a truck driver.”
