WASHINGTON, DC - After multi-billionaire ‘shadow president’ Elon Musk falsely asserted that Social Security is “the biggest Ponzi scheme of all time” during a Friday podcast, U.S. Senator Jack Reed (D-RI) rebuked Musk’s false claim and noted it was another clear sign that the Trump Administration is destabilizing people’s retirement security and cutting away the social safety net for seniors and everyday Americans.

Senator Reed has warned that the Trump Administration is actively decimating the Social Security Administration and making it harder for older Americans to access the benefits they earned. 

Today, Senator Reed stated:

“Let’s be clear: Social Security is not a Ponzi scheme, it is an effective lifeline that helps seniors avoid destitution.  It is a sound insurance program that works for wage earners who pay into the system while they are working, and when they reach retirement age they get benefits.  For nearly ninety years, it has effectively helped keep generations of seniors, survivors, and disabled Americans out of poverty.

“Social Security is not the scam, the scam here is out of touch multi-billionaires are systemically trying to undercut working people and take away their earned benefits.

“On the campaign trail, Donald Trump repeatedly pledged he wouldn’t touch Social Security benefits if he were re-elected.  But he’s already broken other campaign pledges.  So the American people need to be vigilant and make their voices heard. 

“By comparing Social Security to a criminal enterprise, Musk is signaling Trump should prioritize tax breaks for billionaires and special interests over working people’s retirement.  Trump is already actively cutting the Social Security Administration.  Elon Musk is making it clear he wants to break Social Security and President Trump has given him the green light to make it harder for people to access the benefits they earned.

“I will continue working strengthen Social Security and fight efforts to weaken it.  President Trump must abandon the MAGA crusade against Social Security.”