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Elon Musk Labels Social Security a 'Ponzi Scheme' During Podcast Appearance

The billionaire's remarks on 'The Joe Rogan Experience' have drawn sharp criticism from lawmakers and experts, who argue his claims misrepresent the program's structure and purpose.

A woman walks into a Social Security office in Houston, on July 13, 2022.
The veteran politician was astonished to hear the world’s richest man dunking on U.S. seniors when many elderly citizens are forced to get by on as little as just $15k a year.
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Overview

  • Elon Musk, serving as an adviser to President Trump, described Social Security as 'the biggest Ponzi scheme of all time' on a February 28, 2025, episode of 'The Joe Rogan Experience.'
  • Musk argued that Social Security's future obligations far exceed its projected tax revenue, likening its structure to fraudulent investment schemes.
  • Critics, including Senator Bernie Sanders, have denounced Musk's statements as misleading, emphasizing that Social Security has reliably paid benefits for over 80 years.
  • Experts refuted Musk’s claims of widespread fraud in the system, noting that improper payments accounted for less than 1% of disbursed funds from 2015 to 2022.
  • Analysts acknowledge funding challenges for Social Security due to demographic shifts but stress that the program is transparent and far from fraudulent.