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Elon Musk Calls Social Security ‘the Biggest Ponzi Scheme of All Time’

Payroll | March 4, 2025

Elon Musk Calls Social Security ‘the Biggest Ponzi Scheme of All Time’

During an appearance on comedian Joe Rogan’s podcast last week, Musk criticized Social Security benefits, which are received by an estimated 72.5 million Americans.

By Matt Durr
mlive.com
(TNS)

As Elon Musk continues working to slash government waste at the behest of President Donald Trump, Social Security appears to be in his crosshairs. During an appearance on comedian Joe Rogan’s podcast last week, Musk criticized Social Security benefits, which are received by an estimated 72.5 million Americans.

“Social Security is the biggest Ponzi scheme of all time,” Musk said.

When pressed by Rogan to explain what he meant, Musk went on to claim that the future obligations for Social Security benefits “far exceeds” tax revenues that fund the program.

“Basically, people are living way longer than expected and there are fewer babies being born,” Musk said.

Although Musk failed to provide data to support his claims, the future funding for Social Security has been a much-debated topic for several years. A Social Security and Medicare trustees’ report released in May indicated that Social Security’s trust funds will be unable to pay full benefits starting in 2035. After that time, the agency will be able to pay about 83% of benefits.

Musk’s comments come as he continues to implement Trump’s Department of Government Efficiency (DOGE) agenda. While he is technically not the head of DOGE, Musk has been the public face for the agency. Musk has conducted various interviews about DOGE’s efforts and spoke during a cabinet meeting last week even though he is not a cabinet member.

DOGE was created in January through an executive order signed by Trump. The agency is tasked with modernizing “Federal technology and software to maximize governmental efficiency and productivity” according to the order.

The same day Musk appeared on Rogan’s podcast, the Social Security Administration announced it plans to reduce the workforce from 57,000 to 50,000 in the coming weeks.

Photo caption: CEO of Tesla and SpaceX Elon Musk holds a chainsaw as he arrives on stage at the Conservative Political Action Conference at the Gaylord National Resort Hotel And Convention Center on Feb. 20, 2025, in Oxon Hill, Maryland. (Andrew Harnik/Getty Images/TNS)

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©2025 Advance Local Media LLC. Visit mlive.com. Distributed by Tribune Content Agency LLC.

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Tags: Benefits, Elon Musk, Payroll, Social Security, Trump administration

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Comments: 2

Damon Cooper March 6 2025 at 2:53 am

You do know that the SSA itself has said SS will die off in 10 years right??

JOHN V March 8 2025 at 8:10 am

You don't have to like or dislike Musk to see the validity of his point. The very fact that Social Security is facing serious fiscal trouble is evidence of itself that people are living and collecting social security longer and fewer workers are paying into the system. Were that not the case, we wouldn't even be having this discussion.

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