- cross-posted to:
- news
- cross-posted to:
- news
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.
Yep. It’d be inconvenient for them to note that the funding issues are primarily driven by increasing concentration of income which falls above the Social Security withholding cap. If they’d just remove that cap, then no issue.