The critique from the billionaire has stirred worries about his intentions to dismantle crucial social safety net provisions, prompting swift criticism from Democratic legislators. Senator Adam Schiff, representing California, accused Musk of signaling the Republican party’s agenda to weaken Social Security and Medicare. He boldly stated, “Republicans are targeting Social Security and Medicare, and they aren’t even trying to conceal it.” However, House Speaker Mike Johnson, a prominent Republican from Louisiana, countered these claims during an appearance on NBC’s “Meet the Press” on Sunday. Johnson contended that any initiatives spearheaded by Musk to review Social Security would primarily focus on addressing instances of fraud, waste, and abuse within the system. A report from the agency’s independent oversight body in August 2024 revealed that less than one percent of its disbursements were deemed “improper” between fiscal years 2015 and 2022.
Senator Bernie Sanders, representing Vermont, also weighed in on the matter on the same episode of “Meet the Press.” Sanders argued that the financial strain on Social Security could be alleviated if Congress eliminated the tax cap on Social Security contributions. Currently, American taxpayers are only required to pay Social Security taxes on the first $176,100 of their annual earnings. Sanders highlighted that this results in affluent individuals like Musk contributing the same amount towards the program as lower-income workers such as truck drivers.
This article was originally published on USA TODAY: Elon Musk labels Social Security as a Ponzi scheme during his appearance on Joe Rogan’s show.
