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.
Social security is never going to “run out” it’s continuously funded, that’s how it works. America lacks curiosity and an attention span beyond a couple seconds. Conservatives loudly accuse (while projecting), demand detailed explanation and then immediately become disinterested in the explanation they demanded - mostly because they can’t comprehend the basic concepts and their eyes glaze over. For the most part they are unserious, homicidal and suicidal and just looking for an excuse to have an outburst.
Don’t let them leech your energy trying to explain or debate. They don’t know or care what you are talking about.
It can run out if the amount if money being distributed exceeds the amount of money being collected. Such as when there are a large number of retirees (the “baby boomer” generation is much larger then the one preceeding it) or fewer workers (eg. if immigration slows or birthrates drop).
The point is that it won’t. Your internet could torn off next ninth if you don’t pay your fucking bill… But you pay your FUCKING bill. There’s no validity in your position. It’s a right wing propaganda talking point - you’re either ignorant of that or complicit in it. Either way, do better.
It’s basic economics, if our population declines (either because people have less babies or immigration declines; both of which are currently happening) there will be less money going in to social security. While that’s happening, the number of retirees is greatly increasing.
In terms of your internet service analogy, this is like losing your job at the same time your internet rates get raised. You can’t pay your bills if you don’t have any money.