Fact check: Elon Musk calls Social Security a Ponzi scheme

ONE TIME BUYERS INTO

SUBSCRIBERS, HOWEVER, FELL

SHORT OF THEIR GOALS.

BILLIONAIRE ELON MUSK IS

WORKING, OF COURSE, WITH

PRESIDENT DONALD TRUMP TO FIND

WASTE AND FEDERAL GOVERNMENT

AGENCIES AND THAT INCLUDES THE

SOCIAL SECURITY ADMINISTRATION.

>> WHICH MUCH MUSK SAYS WAS

SET UP TO DEFRAUD TAX PLAYERS.

PAUL SPAY CHECKS THAT CLAIM

FOR POLITIFACT.

IT'S SOCIAL SECURITY. JUST A

PONZI SCHEME WILL. THAT'S WHEN

ELON MUSK SAID THE OTHER DAY

DURING AN INTERVIEW WITH

PODCASTER JOE ROGAN. TAKE A

LOOK.

>> YOU'RE A REAL PYRAMID

SCHEME.

I MEAN, THE GOVERNMENT'S ONE

BIG PERMITS HERE TO ASK ME.

YEAH, WELL, YOU CAN TALK TO

US. SOCIAL SECURITY IS IS THAT

THE BIGGEST PONZI SCHEME OF

ALL TIME?

IS THAT RIGHT? WELL, LET'S

COMPARE THE 2 THINGS. A PONZI

SCHEME NAMED AFTER THIS GUY,

CHARLES PONZI IS WHERE SOMEONE

PROMISES THAT PEOPLE GET BIG

RETURNS. IF THEY INVEST IN A

COMPANY, THEN THEY TAKE THE

MONEY FROM THOSE NEWEST

INVESTORS.

>> AND GIVE IT TO THE EARLY

INVESTORS. IN OTHER WORDS, THE

SCHEMERS NOT REALLY MAKING

MONEY. HE'S JUST TAKING MONEY

FROM ONE GROUP AND GIVING IT TO

ANOTHER SOCIAL SECURITY.

DOES TAKE MONEY FROM ONE GROUP

AND GIVE IT TO ANOTHER. IT'S A

RETIREMENT PROGRAM FUNDED BY

TAXES FROM PEOPLE WHO ARE

CURRENTLY IN THE WORKFORCE.

BUT THAT DOES NOT MAKE IT A

PONZI SCHEME. NEARLY EVERY

DEVELOPED NATION IN THE WORLD

HAS A SYSTEM LIKE THIS. THE

PROGRAM ITSELF IS NOT

FRAUDULENT. THE OPERATORS, THEY

DON'T TAKE A CUT. AND I'M LIKE

A PONZI SCHEME. THE END GOAL.

SO SECURITY IS NOT NECESSARILY

TO BUILD. WELL, IT'S JUST TO

STAY SOLVENT AND PROVIDE

RELIABLE SAFETY NET FOR PEOPLE

WHEN THEY RETIRE THE PROGRAM

CAN ALSO ADJUST ITS FUNDING

STREAMS IF IT EVER NEEDS TO ALL

OF THESE REASONS ARE WHY THE

TRUTH UNDER 18 MUST PLANT FALL.

>> NOW YOU MAY WONDER WHY

PEOPLE SAY SOCIAL SECURITY IS

IN TROUBLE. WELL, THERE'S AN

IMBALANCE BETWEEN A NUMBER OF

PEOPLE RETIRING THE NUMBER OF