Tesla CEO Elon Musk targeted the US social security system on the X platform on Monday, calling it “the biggest Ponzi scheme in history.”
Musk was replying to a meme that compared social security to a Ponzi scheme. He added, “Maybe AI and robots will save it.”
In the comments section of this post, people had mixed opinions. Some say that many people who have never paid for social security ended up receiving benefits, while others said that Musk “is slandering a system that is the main means of survival for many elderly Americans.”
The long-term viability of social security is a major concern for many Americans. They are worried about whether they will be able to pay full benefits in the future. According to a report, US social security funds will only pay 77% of total plan benefits by 2033.
Larry Fink, CEO of BlackRock, America's largest asset management company, emphasized the urgency of resolving the global “retirement crisis” last month. As medical advances increase life expectancy, traditional retirement savings and work models may require major changes.
As of 2024, the average retirement age for US retirees is 64, and the expected retirement age is 66. The legal retirement age for those born after 1960 is 67.