Social Security Is Not a Ponzi Scheme, but in One Way It’s Worse

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5/31/2025Updated: 6/5/2025

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Commentary

In a recent interview with Joe Rogan, Elon Musk said, “Social Security is the biggest Ponzi scheme of all time.” This was hardly an original comment. More than a few people from all walks of life have said this over the years.

David Rose

Author

David C. Rose is a senior research fellow at the American Institute for Economic Research (AIER), an emeritus professor of economics at the University of Missouri-St. Louis, and a member of the U.S. Commission on Civil Rights. He was formerly senior fellow and vice president for curriculum at the Common Sense Society. For 14 years he was president of The Discussion Club. He is also creator of Cooperation Civics and co-founder of the American Civics Academy. He has a Ph.D. in Economics from the University of Virginia and a B.S. in Economics from Missouri State University.

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