Elon Musk recently referred to Social Security as a “Ponzi scheme” because, like a Ponzi scheme, it relies on incoming contributions (from current workers) to pay benefits to retirees, instead of being based on a self-sustaining investment fund.
A Ponzi scheme collapses when there aren’t enough new investors to cover payouts, and Musk may be criticizing Social Security’s financial structure, suggesting it could face similar risks as the workforce shrinks or the ratio of workers to retirees declines.
It’s hyperbolic though—Social Security is a government program, not a fraudulent scheme, and its funding challenges stem from demographics, not deceit.
If the Trump administration (or any administration) heavily restricts immigration and deports undocumented workers, the U.S. workforce could shrink, making it harder to sustain programs like Social Security. The system depends on a steady or growing pool of workers paying payroll taxes to support retirees.
With the baby boomer generation retiring, there’s already pressure on this worker-to-retiree ratio. Limiting immigration exacerbates the problem—it reduces the number of young workers contributing to the system and slows overall population growth. Immigrants have historically helped bolster the U.S. workforce and offset demographic shifts like declining birth rates.
In short, fewer workers + more retirees = future challenges for Social Security’s solvency unless reforms are made (e.g., raising payroll taxes, reducing benefits, or increasing the retirement age). Otherwise, it’s like taking a leg out from underneath a wobbly stool!
Doris Theune
Talbot County
Jim Bachman says
Ironic. Musk’s business depends heaviliy on government handouts and non-competitive contracts.
Reed Fawell 3 says
The American people in the last election overwhelmingly rejected open borders, after Biden admitted some 21 million illegals into our Nation and the US Government’s massive overspending, doubling the nations debt from $18 trillion to nearly $38 trillion, over last five years, if continued, will blow up American society and the US economy within the next two decades. Musk had absolutely nothing to do with these grossly negligent actions that must be forthwith halted and reversed if America is to survive free and prosperous.
Darrell Parsons says
The American people in the last election did not overwhelmingly reject open borders. That is a misrepresentation. Not to mention that we didn’t have open borders. The health of the Social Security system touches everyone who is retired, regardless of party affiliation. Over and over again I hear people say that they are willing to accept a little pain in order to make America great. How much pain is a “little”? Once the Social Security system begins to slip, it will be hard to stop the downward spiral. I wonder how many months folks can survive without their social security payments?
Darrell Parsons says
The American people in the last election did not overwhelmingly reject open borders. That is a misrepresentation. Not to mention that we didn’t have open borders.
Reed Fawell 3 says
Darrell Parsons says “The American people in the last election did not overwhelmingly reject open borders.”
Darrell Parson’s statement is not true. It is an obviously false statement.
Witness applicable Pew Poll – How serious is the situation at the border? A sizable majority of Americans (78%) say the large number of migrants seeking to enter this country at the U.S.-Mexico border is either a crisis (45%) or a major problem (32%), according to the Pew Research Center survey, conducted Jan. 16-21, 2024, among 5,140 adults.
Witness also applicable Fox Poll – Immigration is a top issue to American voters this year, as a record number say the situation at the southern border is a major problem or an outright emergency, according to the latest Fox News national survey released Thursday. Nearly 9 in 10 voters say the situation at the U.S.-Mexico border is an emergency (44%) or a major problem (43%). That’s an increase since February, when about 8 in 10 felt it was an emergency (41%) or major problem (37%).
Darrell Parsons also says “Not to mention that we didn’t have open borders.” This Darrell Parson statement is also not a true statement. It is an obviously false statement.
See this government report with Release Date Mon, 04/14/2025
WASHINGTON — U.S. Customs and Border Protection (CBP) released operational statistics today for March 2025. CBP monthly reporting can be viewed on CBP’s Stats and Summaries webpage.
“U.S. Border Patrol’s apprehensions along the southwest border for the entire month of March 2025 were lower than the first two days of March 2024,” said Pete Flores, Acting Commissioner of CBP.
Last October 2024 encounters of 309,234 were reduced to 29,065 in February of this year 2025.
And these amazing statistics do not include all the illegal migrants flown into US by air.
Darrell Parsons also states that “Once the Social Security system begins to slip, it will be hard to stop the downward spiral.” is highly misleading. The US Social Security system has been slipping for many decades. It will collapse in the next decade under Democrat policies unless those policies are successfully reversed by DOGE policies under today’s Republican president.
How can we fix our nation if so many of our citizens refuse to tell the truth about our problems. And our problems are everywhere and compounding rapidly. For example the Democrats will not admit that half of our public high school seniors graduate from 12 grade functionally illiterate.
darrell parsons says
The word I take issue with is “open”. We have never had open borders. That is a fact. You have not mentioned anything in your responses which would prove that otherwise. You quote a lot of statistics which have nothing to do with whether or not we have open borders. You are dong what Trump and his acolytes are doing…you accuse a person (me in this case) of lying, and you turn around and lie about it. I think you think that if you distort the facts and call someone a liar enough times, you will make that a reality. Maybe you actually believe you are basing your opinion on facts. I challenge you to find any reputable source, supported with statistics that proves that we had an open border. Secondly, the idea that the American voters overwhelming rejected anything about the Democratic agenda in the last election is laughable. About half of the voters rejected the Democratic Party candidate. About half of the voters rejected Donald Trump. Tell me how that is overwhelming proof of anything…except that an even greater number of voters didn’t vote at all. I agree that we all need to tell the truth. Your opinions aren’t truth. Neither are mine. But there are indisputable facts.
Deirdre LaMotte says
From US Budget Watch:
President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief.
President Biden, in his first three years and five months in office, approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan.
President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.
President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.
At this point, however, we are IN a constitutional crises for the first time in 250 years.
Perhaps a few of the readers would accept they are not in a democracy they were born in. Trump has
complete power, an autocracy.
Unfortunately many in the GOP do not want a democracy, do not agree with the Declaration of Independence (all men are created equal) .
These are the smiling faces you see at the farmer’s market, Giant or representing you in Congress or local politicians.
Many through ignorance but most because they are not conservatives at all. They are reactionaries,
agreeing with fascist ideology. Read: Nazis
Our nation’s hope lies in SCOTUS and citizens who care. That is all.
Reed Fawell 3 says
Most being result of near unique Covid 19 event brought on by you know who, and shoring up waste generated by Obama’s years.