Tech billionaire Elon Musk sparked controversy during his recent appearance on Joe Rogan's podcast by calling Social Security "the biggest Ponzi scheme of all time," raising concerns about the future of America's social safety net.
During the interview released Friday, Musk claimed that Social Security's future obligations exceed its tax revenue, pointing to demographic shifts like increased longevity and declining birth rates. "People are living way longer than expected and there are fewer babies being born," Musk stated on the podcast.
The Tesla CEO also made unsubstantiated claims about widespread fraud, alleging that 20 million deceased individuals were marked as alive in Social Security databases. However, these assertions contradict statements from Trump-appointed acting Social Security Commissioner Lee Dudek, who previously explained that individuals without recorded death dates are not necessarily receiving benefits.
Democratic lawmakers swiftly condemned Musk's remarks. Senator Bernie Sanders responded on NBC's "Meet the Press," stating, "It's a hell of a 'Ponzi scheme' when for the last 80 years Social Security has paid out every nickel owed to every eligible American."
The comments come amid growing concerns about Social Security's long-term sustainability. A recent trustees' report indicated that by 2035, the program's trust funds will only be able to pay about 83% of benefits unless changes are made.
Musk's statements coincide with his involvement in the Department of Government Efficiency (DOGE), where he has become the public face despite not officially heading the agency. The Social Security Administration recently announced plans to reduce its workforce by 7,000 employees in the coming weeks.
Representative Alexandria Ocasio-Cortez criticized Musk's stance, noting that he "is going after the elderly, the disabled, and orphaned children" while receiving substantial government contracts and tax benefits himself.
Currently, an estimated 72.5 million Americans receive Social Security benefits, making it one of the nation's largest and most relied-upon social programs.