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Elon Musk just lately went on Joe Rogan’s podcast and spoke about Social Safety:
Nicely, I imply, the federal government’s one massive pyramid scheme should you ask me.Social Safety is, is the most important Ponzi scheme of all time.. Oh, so, um, properly, 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 should you take a look at the longer term obligations of Social Safety, it far exceeds, uh, the, the tax income far.
For those who 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 take a look at the longer term obligations of Social Safety, um, the precise, uh, nationwide debt is like double what, what folks suppose it’s due to the longer term obligations.
Uh. So principally individuals are dwelling approach longer than anticipated. Um, and, uh, there are fewer infants being born, so you have got extra people who find themselves retired and get that, that dwell for a very long time and get re retirement funds. So the longer term obligation. So how, nevertheless, nevertheless dangerous the monetary state of affairs is true 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 any one who doesn’t pay into the system and get their advantages after 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:
