Appearance on Joe Rogan is Latest Evidence of a Systematic Campaign to Gut Retirement Security
The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans:
President Trump repeatedly promised “not to touch” Social Security. Was that a campaign lie? Because his buddy Elon Musk is ripping it apart piece by piece and day by day.
Musk’s DOGE minions are gutting SSA’s workforce. The security and integrity of a multi-trillion-dollar system is at risk of not delivering the benefits that Americans have paid for during their working lives and expect in retirement.
And clearly Musk is coming for our benefits next.
On the February 28 episode of the Joe Rogan Experience, Musk spewed tons of disinformation about Social Security to try and convince the American people that they can’t count on the benefits they earned.
None of what he said was new and even less was true. Extremist Republicans who want to drain the Social Security Trust Fund and give tax breaks to the wealthy – or let Wall Street gamble with it – have peddled this nonsense for decades.
The American people know better. They understand how Social Security works and how it’s made a difference in their family’s lives for generations.
Over and over, Americans have said they want to protect Social Security for the future by making the richest Americans, like Elon Musk, pay their fair share into Social Security.
But just in case Elon actually believes Senator Mike Lee’s Ponzi propaganda, we need to correct the record:
Musk: Social Security is the “Biggest Ponzi Scheme of All Time.”
Reality: Social Security is a social insurance program. Workers and employers pay in, money goes to the Social Security Trust Fund and is paid out when due. Social Security has a Board of Trustees and professional actuaries who report annually on the health of the
Trust Fund.
It’s solvent and the benefits are guaranteed (unlike the stock market or a private equity fund). In 89 years, Social Security has never missed a payment.
Musk: People pay in and the money “goes out immediately.”
Reality: There is a Social Security Trust Fund with nearly $3 trillion to pay future benefits.
Musk: The obligation for Social Security is your entire retirement “career.”
Reality: Musk is right about this one – and it’s one of the best parts of Social Security.
Social Security benefits are guaranteed for life and backed by the full faith and credit of the United States. The benefits are modest; Americans can count on them, and they won’t go up or down like the stock market.
Musk: Future Social Security obligations “far exceed” tax revenue.
Reality: The current Social Security Trustees Report states that there is a 3.5% revenue shortfall over the next 75 years equivalent to 1.5% of GDP. This is not the Chicken Little “far exceed” standard. The simple and fair solution is to increase revenues over time by making rich people like Elon Musk pay their fair share into the system.
Musk: People are living “way longer than expected”
Reality: In fact, sadly there is a growing inequality of life expectancy in the United States. While the richest Americans are living longer, it’s not the case for many people who earn modest wages, have inadequate access to health care, or have high-risk jobs for example. This state of affairs is a national embarrassment.
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