Musk calls social security a ‘Ponzi scheme’. The real con is what Trump’s peddling

‘The only reason social security is running out of money is … America’s current degree of income inequality.’ Photograph: Jonathan Raa/NurPhoto/REX/Shutterstock

Elon Musk said on Joe Rogan’s show last week that social security is “the biggest Ponzi scheme of all time”.

Rubbish. In a Ponzi scheme, a con artist lures investors into a fake investment project, pockets the cash, and then gets new “investors” to funnel cash to the older ones – until new recruits slow down and the whole thing collapses. Suckers are left holding worthless bags.