Biggest Ponzi Scheme of All Time! Elon Musk Targets Social Security, Claims Rampant Fraud

Elon Musk, the billionaire advising President Donald Trump, has set his sights on Social Security and federal benefit programs, alleging rampant fraud and proposing massive cuts to government spending. In a Monday interview on Fox Business Network with Larry Kudlow, a former Trump economic adviser, Musk claimed that $500 billion to $700 billion in waste could be slashed, pinpointing entitlements as the primary target. “Most of the federal spending is entitlements,” he stated. “That’s the big one to eliminate.”

Musk’s assertions have stirred controversy, particularly as his estimate of fraud in entitlement programs dwarfs official figures. The Social Security Administration’s inspector general reported $71.8 billion in improper payments from 2015 to 2022—less than 1% of total benefits disbursed during that period. Musk further claimed that “20 million people who are definitely dead” are listed as alive in the Social Security database, a notion dismissed by acting commissioner Lee Dudek, who clarified, “These individuals are not necessarily receiving benefits.”

The tech mogul’s comments reflect his skepticism toward Social Security, which he has called “the biggest Ponzi scheme of all time.” Despite Trump’s pledge to protect the program, the administration has begun closing some agency offices, amplifying concerns. Musk also suggested that entitlements serve as a tool for Democrats to “attract and retain illegal immigrants” and convert them into voters, echoing the baseless “great replacement” theory.

Conducted at the White House, the interview underscored Musk’s unprecedented role as an unelected adviser wielding significant influence. “I can’t believe I’m here doing this,” he remarked, thanking Trump for his support. While Trump has endorsed Musk’s efforts, he recently suggested a more measured approach, favoring a “scalpel” over a “hatchet.”

Musk’s push has drawn both praise and pushback. Rep. Richard Hudson (R-N.C.) hailed it as a fight against “waste, fraud, and abuse,” while Rep. Tom Cole (R-Okla.) celebrated thwarting closures of federal offices in his state. Public opinion remains split, with polls showing Americans divided on Musk’s role and intentions—half view his prominence negatively, per a CNN/SSRS survey, while a Washington Post-Ipsos poll found equal uncertainty over whether he’s targeting waste or essentials.