Elon Musk has never been shy about his opinions, and Social Security is no exception. During a recent appearance on “The Joe Rogan Experience,” the billionaire CEO once again called the program “the biggest Ponzi scheme of all time.” But when pressed to explain, his reasoning wasn’t exactly airtight.
Musk attempted to break it down, saying, “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, so you’re, you’re paying with your, you’re paying like like if you look at the future obligations of Social Security it far exceeds uh the tax revenue. Far,” Musk tried to explain to Rogan. He argued that the program is unsustainable because its future obligations—what it owes retirees over time—far exceed the revenue it brings in.
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He also pointed to the U.S. national debt, explaining that when future Social Security obligations are considered, “the actual national debt is like double what people think it is.” He linked this to demographic shifts, noting that people are living longer while birth rates decline, which means fewer workers are supporting more retirees.
But despite making some valid points about Social Security’s long-term challenges, Musk’s explanation lacked a direct connection to what defines a Ponzi scheme—a fraudulent investment system that requires a constant inflow of new money to pay existing participants. While Social Security does rely on current workers to fund retirees, it is a government program, not a scam designed to deceive investors.
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This isn’t the first time Musk has made this claim. Last April, he called Social Security the “biggest Ponzi scheme ever” in a post on X. His comment sparked heated debates, with some agreeing that the system is flawed, while others criticized him for attacking a program that millions rely on for survival.
