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.
I understand what he is saying. It kinda looks like one at first glance, because contributions from current workers go first to pay current retirees.
But what he misses is that we did it that way on purpose. The end goal was to make Americans more secure as a country. Americans could work at their jobs and be confident that they would be taken care of in their old age by the younger generation as a whole, Americans taking care of each other. I understand that the money I pay in now is going to support my parents and their generation, and I really dont mind. We’ll see if these dimwits ruin it by the time I need it.
Everything with these MAGA idiots is zero-sum. If they are paying money to anyone, they need to be the ones getting the benefits from it, otherwise it is a “scam”. The problem with zero-sum is that there always have to be winners and losers. And if the people in power are always the winners, what does that make us?
He is in charge of this debacle. He needs to give it more than a first glance
But that’s how private insurance and retirement plans work too. The only difference is that private ones also benefit some rich CEOs at the top who have a vested interest to not distribute the funds.