Elon Musk attends a Cabinet meeting at the White House on February 26, 2025 in Washington, D.C. (Photo: Andrew Harnik/Getty Images)
“No matter how many billions he gets in tax cuts and government contracts, it will never be enough for him,” said Rep. Alexandria Ocasio-Cortez. “Now he’s going after the elderly, the disabled, and orphaned children.”
Progressive lawmakers and advocates hit back on Sunday after Elon Musk parroted the long-debunked right-wing claim that Social Security is a Ponzi scheme, the billionaire’s latest false attack on the nation’s most effective anti-poverty program.
Musk made the comments during an appearance on the “Joe Rogan Experience” podcast over the weekend, and the episode has already racked up nearly 8 million views as of this writing.
“Social Security is the biggest Ponzi scheme of all time,” Musk said. “If you look at the future obligations of Social Security, it far exceeds the tax revenue.”
The advocacy group Social Security Works noted in response that Social Security—which is 90% funded for the next quarter-century—”hasn’t missed a payment in 89 years” and accused Musk of “defaming” the program as part of an effort to “cut benefits and otherwise destroy Social Security.”
BREAKING: Elon Musk called Social Security "the biggest Ponzi scheme of all time" in an interview with Joe Rogan. pic.twitter.com/gCrDPLM15u
Musk’s comments came as the Trump administration, with the assistance of the billionaire Tesla CEO’s lieutenants, is working to gut the already-understaffed Social Security Administration, an effort that could result in benefit delays and disruptions.
“This guy is a leech on the public,” Rep. Alexandria Ocasio-Cortez (D-N.Y.) wrote on social media after a clip of Musk’s remarks on Rogan’s podcast circulated. “No matter how many billions he gets in tax cuts and government contracts, it will never be enough for him.”
“Now he’s going after the elderly, the disabled, and orphaned children so he can pocket it in tax cuts for himself,” Ocasio-Cortez added. “It’s disgusting.”
Rep. Greg Casar (D-Texas), chair of the Congressional Progressive Caucus, wrote that “a guy who makes $8 million a day off the government thinks seniors getting $65 a day they worked their whole lives to earn is a ‘Ponzi scheme.'”
“Protect Social Security,” Casar wrote. “Fire Elon Musk.”
Sen. Bernie Sanders (I-Vt.) also weighed in on Musk’s comments during an appearance on NBC‘s “Meet the Press” Sunday morning, calling the billionaire’s attack on Social Security “totally outrageous.”
“That’s a hell of a Ponzi scheme when for the last 80 years, Social Security has paid out every nickel owed to every eligible American. Quite a Ponzi scheme,” said Sanders, who called on lawmakers to support his proposal to expand Social Security benefits by lifting the cap on income subject to payroll taxes.
“You lift that cap, we can extend the solvency of Social Security for 75 years,” the Vermont senator said. “And you can raise benefits.”
Last week, as Common Dreams reported, Sanders attempted to pass his Social Security expansion bill through the Senate via unanimous consent, but Sen. Mike Crapo (R-Idaho) objected, blocking the legislation.
A previous version of this story improperly identified “Meet the Press” as an MSNBC show.
Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.Neo-Fascist Climate Science Denier Donald Trump says Burn, Baby, Burn.
Elon Musk and the wife of House Speaker Mike Johnson (R-La.) applaud during a House Republican Conference meeting on November 13, 2024 in Washington, D.C. (Photo: Andrew Harnik/Getty Images)
“If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time,” wrote Sen. Bernie Sanders. “Despair is not an option.”
A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sandersissued an urgent call to action to prevent the emergence of “an oligarchic and authoritarian society.”
The new analysis notes that the world’s top 500 billionaires “got vastly richer” this year with the help of “an indomitable rally in U.S. technology stocks.”
Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world’s 500 richest people, according to Bloomberg.
“But it was Musk—the so-called ‘first buddy’ of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world’s wealthiest in 2024,” Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, “boosted by the performance of his majority stake in Trump Media & Technology Group Corp.”
Musk’s use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world’s largest social media platforms and donations to Trump’s 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.
“They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future.”
In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. “the defining issue of our time,” warning that billionaires have come to increasingly dominate not only “our economic life, but the information we consume and our politics as well.”
“A manifestation of the current moment is the rise of Elon Musk, and all that he stands for,” Sanders wrote, pointing to Musk’s outsize influence on the 2024 election and his key role in shaping Trump’s billionaire-dominated Cabinet.
“But it’s not just Musk. Billionaire owners of two major newspapers overrode their editorial boards’ decisions to endorse Kamala Harris, while many others are kissing Trump’s ring by making large donations to his inauguration committee slush fund,” the senator continued. “They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future.”
Progressives, Sanders wrote, have a “radically different vision,” one that prioritizes “an economic system based on the principles of justice,” “a vibrant democracy based on one person, one vote,” and making “healthcare a human right.”
“Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it,” wrote Sanders.
Since Trump’s victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.
In his email on Monday, the senator said he intends to “travel, organize, hold events, and create content that reaches people where they are” in the coming weeks as part of the “struggle to determine where we go from here.”
“Will this effort be easy?” asked Sanders. “No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet.”
Linda McMahon and Elon Musk attend the America First Policy Institute gala held at Mar-a-Lago on November 14, 2024 in Palm Beach, Florida. (Photo: Joe Raedle/Getty Images)
“Trump paid plenty of lip service to working-class Americans, but as president-elect, he’s moved quickly to stack his administration with billionaires that share his vision of a rigged economy that only works for people like them.”
Since winning the presidential election earlier this month, Donald Trump has wasted no time working to fill his incoming administration with billionaires and other ultra-rich individuals who are poised to benefit from the GOP agenda of tax cuts for the wealthy and large-scale deregulation.
In separate analyses published this week, Americans for Tax Fairness (ATF) and Accountable.US offered overviews of the president-elect’s key nominations and their potential conflicts of interest as Trump prepares to retake power in January.
“These appointments clearly show the incoming administration will be run by and for the ultra-wealthy,” said David Kass, ATF’s executive director. “They’ve already announced plans to spend trillions of dollars to renew the Trump tax bill, to further enrich large corporations and wealthy elites like themselves while advocating for cuts to vital programs that working and middle-class Americans depend on.”
ATF’s analysis, released Monday, shows that the combined wealth of Trump’s richest nominees and transition team members—including the president-elect and Sen. JD Vance (R-Ohio), the vice president-elect—is over $313 billion. By comparison, the combined net worth of President Joe Biden’s Cabinet is an estimated $118 million.
“Even excluding Elon Musk—the world’s richest man and Trump’s co-director of the Department of Government Efficiency—the average net worth of Trump, his vice president, and top appointees is $616 million,” ATF observed. “This figure is over 616 times higher than the mean average wealth of the typical American household, which is a little more than $1 million.”
ATF and Accountable.US also highlighted other ultra-rich individuals nominated for key roles in the incoming administration, including drilling enthusiast Doug Burgum, worth an estimated $100 million; Mehmet Oz, worth up to $315 million; and Chris Wright, who as of earlier this month held nearly $47 million worth of stock in his fracking company, Liberty Energy.
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Tony Carrk, executive director of Accountable.US, said in a statement Tuesday that “Donald Trump paid plenty of lip service to working-class Americans” during the 2024 campaign, “but as president-elect, he’s moved quickly to stack his administration with billionaires that share his vision of a rigged economy that only works for people like them.”
“Should the Senate rubber stamp these nominations,” Carrk added, “Trump’s department heads will be among the biggest beneficiaries of another promised tax giveaway for big corporations and the top 1%, paid for with deep cuts for seniors, veterans, and everyday workers.”
Billionaires have already gotten significantly richer since Trump’s election victory, according to research published last week by ATF. In roughly the week after Trump’s win, the combined net worth of the nation’s 815 billionaires jumped by around $280 billion—with Musk’s wealth surge accounting for 20% of that gain.
Conservative MP Priti Patel speaking at the Heritage Foundation in 2021. Credit: GB News / Facebook
The Heritage Foundation’s Project 2025 blueprint proposes sweeping anti-climate policies.
New Shadow Foreign Secretary Priti Patel earlier this year welcomed into Parliament a radical U.S. organisation behind Donald Trump’s hard-right plan for a second term as president.
As reported by DeSmog, Conservative MP Patel met with Kevin Roberts and Nile Gardiner of the Heritage Foundation in March, praising the pair on her Facebook page as “our friends across the pond” who stand for “Conservative values and beliefs at home and abroad”.
Roberts is the president of the Heritage Foundation, while Gardiner is the director of its ‘Margaret Thatcher Center for Freedom’.
The Heritage Foundation is an ultra-conservative group that authored the controversial Project 2025 blueprint for a second Donald Trump term, which proposes a range of radical anti-climate policies, including slashing restrictions on fossil fuel extraction, scrapping investment in renewable energy, and gutting the Environmental Protection Agency.
Project 2025 has been accused of being “extreme” and “authoritarian” for setting out a plan to rapidly “reform” the U.S. government by shuttering bureaus and offices, overturning regulations, and replacing thousands of public sector employees with hand-picked political allies of Trump. The agenda also proposes radical tax cuts, and a crackdown on reproductive rights.
On Wednesday (6 November), following Trump’s victory in the U.S. presidential election, Roberts sent an email on behalf of the foundation, saying that: “starting now, we will execute our plans to dismantle the administrative state.”
At least 140 authors of Project 2025 worked for the last Trump administration, according to CNN, while several are expected to hold positions in the next Trump White House.
Patel also gave a speech about national security to the Heritage Foundation, hosted by Gardiner, in November 2021. Patel was at the time serving as home secretary, and her address was published on the UK government website.
This news comes as the Conservative Party realigns itself after the election of new leader Kemi Badenoch, positioning itself as having better relations with the incoming Trump administration.
In her first Prime Minister’s Questions (PMQs) this week, Badenoch called on Labour not to oppose a Trump address to Parliament, and asked whether Foreign Secretary David Lammy had apologised to the Republican for labelling him as a “neo-Nazi sympathising sociopath” in 2020.
Patel was appointed to Badenoch’s new shadow cabinet earlier this week, alongside Shadow Justice Secretary Robert Jenrick, who also has ties to the Heritage Foundation.
In February, Jenrick – who came second in the recent Tory leadership election – gave a speech to the Heritage Foundation in Washington DC entitled, “Securing Sovereign Borders in an Age of Mass Migration”.
Project 2025 proposes new sweeping restrictions on immigration into the U.S., while setting the foundations for mass deportations – a key promise of Trump’s 2024 campaign.
After being introduced by Roberts, Jenrick praised the foundation, and described meeting with and learning from Heritage while working as an intern for Condoleeza Rice, who served as secretary of state under Republican President George W. Bush.
Jenrick also praised the event’s co-host Gardiner, whom Jenrick described as “the special relationship made flesh”. He said Gardiner, who writes a regular column for the Daily Telegraph, “creates links between conservatives here and in the UK”.
As revealed by Democracy For Sale and Byline Times, Donald Trump and U.S. Republican campaigns received more than $45 million (£35 million) from donors who have funded the influential network of hard-wing Tufton Street think tanks in the UK.
“That senior Conservatives would take time out to travel halfway around the world to give talks at a pro-Trump think tanks is very revealing,” said Peter Geoghegan, editor of Democracy For Sale. “We need to be aware that the dark money that fuelled the likes of the Heritage Foundation is washing up in Britain, where secretive Tufton Street think tanks refuse to declare their donors but take millions from pro-Trump U.S. conservatives.”
A Heritage Foundation spokesperson previously told DeSmog: “Project 2025 is a coalition of conservatives who wrote ‘Mandate for Leadership: The Conservative Promise’ which was published in April 2023, before any candidate declared a run for office. Project 2025 does not speak for any candidate or campaign.”
Project 2025 and Climate Denial
Project 2025 proposes replacing green investment with the further deregulation of the oil and gas industry.
Speaking at an event co-hosted by the Heritage Foundation and the Hungarian Danube Institute in September, key Trump ally Robert Wilkie – who served as U.S. veterans’ affairs secretary from 2018 to 2021 – confirmed that his former boss would “kill” climate budgets.
The Heritage Foundation received over £4.9 million between 1997 and 2017 from groups linked to the fossil fuel giant Koch Industries. The brothers behind the company, Charles and the late David Koch, have been the principal funders of climate denial groups in the U.S. since the 1980s.
As revealed by DeSmog, advisory groups working on Project 2025 have received at least $9.6 million from Charles Koch since 2020, along with at least $21.5 million from the Sarah Scaife Foundation, which is funded by the Mellon oil and banking fortune.
The Heritage Foundation has disputed these figures, though has not offered its own calculations. A spokesperson previously told DeSmog: “Heritage research is independent and accurate, these numbers are not.”
At a 2022 Heritage Foundation event, Nile Gardiner said: “I do think the British government needs to rethink the whole green energy agenda. It’s not a conservative agenda, in fact it’s a socialist agenda”. He added: “I think net zero has become basically a form of religion, and anyone who questions the dogma on this immediately is accused of being a heretic.”
As DeSmog has reported, Kemi Badenoch has regularly criticised the UK’s green ambitions, describing herself as a “net zero sceptic” during her Conservative conference speech in October.
During the leadership contest, Badenoch published a 40-page manifesto that cited the Committee to Unleash Prosperity, a U.S. group led by former advisors to Trump, which has likened climate science to believing the earth is flat.
Jenrick has also attacked net zero policies and has advocated for increased fossil fuel extraction, including the development of new coal mines.
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark RichardsOrcas comment on killer apes destroying the planet by continuing to burn fossil fuels. Second version, corrected text.
The revelations will undermine the Tory government’s claim that tax cuts are the way to turn around the economy
Treasury officials warned Rishi Sunak in late 2022 that tax cuts would have a ‘low impact’ on boosting economic growth, and yet despite this advice, Chancellor Jeremy Hunt and the Tory government continue to prioritise tax cuts in a bid to boost the economy.
Treasury documents seen by Bloomberg reveal that incoming Prime Minister Sunak was told that ‘increasing high-skilled immigration and changing planning rules to build more homes would both have a “high impact” on the economy with a “low” fiscal cost.”
The revelations will undermine the Tory government’s claim that tax cuts are the way to turn around the economy, with Hunt planning tax cuts in the annual budget in March. Despite the advice of experts, Sunak and Hunt are placing tax cuts at the heart of the Tory election campaign.
