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Elon Musk lately went on Joe Rogan’s podcast and spoke about Social Safety:
Effectively, I imply, the federal government’s one large pyramid scheme if you happen to ask me.Social Safety is, is the largest Ponzi scheme of all time.. Oh, so, um, nicely, folks pay into Social Safety, um, and, and the cash goes out of Social Safety instantly, however the obligation for Social Safety is, uh, So that you’re, you are paying, uh, together with your, the sort of folks you are paying, like, like if you happen to have a look at the long run obligations of Social Safety, it far exceeds, uh, the, the tax income far.
Should you ever regarded on the, the, the debt, the debt clock, it Okay. There’s, there’s, there’s our current day debt, however then there’s our future obligations. So whenever you have a look at the long run obligations of Social Safety, um, the precise, uh, nationwide debt is like double what, what folks suppose it’s due to the long run obligations.
Uh. So mainly individuals are residing means longer than anticipated. Um, and, uh, there are fewer infants being born, so you’ve gotten extra people who find themselves retired and get that, that dwell for a very long time and get re retirement funds. So the long run obligation. So how, nonetheless, nonetheless dangerous the monetary scenario is correct now for the federal authorities, it’s going to be a lot worse sooner or later.
Social Safety shouldn’t be a Ponzi scheme as a result of each American employee for the reason that program was established has paid into the system. There isn’t a one who doesn’t pay into the system and get their advantages once they attain retirement age.
Musk was demonstrating his elementary ignorance about how probably the most fundamental of presidency packages works.
Rep. Alexandria Ocasio-Cortez (D-NY) ripped Musk aside on X:
