Could Elon Musk Trigger Changes to Social Security? Experts Weigh In
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Jordan Rosenfeld
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Molly Sullivan
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The disruptive techniques that have made Elon Musk such a big name in industries like electric vehicles and space may now be coming to the Social Security Administration of the U.S. government through his Department of Government Efficiency (DOGE).
On the one hand, those who feel that Musk is helping to root out government waste are applauding his efforts, but those who fear he may be messing around with American’s safety net have concerns about what kinds of effects he may have, especially on an individual’s retirement planning.
While Musk himself isn’t a policymaker, President Donald Trump appears to be giving him more access than someone who hasn’t been congressionally appointed. Experts explored what impact Musk could have on the nation’s retirement safety net.
He Could Influence Financial and Policy Conversations
Danny Ray, founder of PinnacleQuote, noted that Musk’s criticisms of government spending could influence reforms. “Musk’s outspoken views on government spending, entitlement programs and taxation could push these topics into the mainstream conversation, pressuring lawmakers to address Social Security’s long-term solvency,” Ray explained.
Yet Musk recently described Social Security as a “ponzi scheme” on “The Joe Rogan Experience,” despite Social Security being built largely on the funds that Americans themselves pay into from their own income. This elicited concerns from Democratic lawmakers that he intends to gut it or change it unfairly.
At the minimum, if Musk recommends layoffs within the Social Security Administration the way he has in other departments, the results of that could impact the way benefits are handled or administered.
Additionally, according to Ali Zane, CEO of Imax Credit Repair, “Elon Musk’s immense influence in technology and finance could indeed serve as a catalyst for rethinking Social Security, not by direct intervention, but by shifting the policy conversation,” Zane said.
Zane feels that Musk’s “relentless advocacy for digital innovation and his public critiques of bureaucratic inefficiencies” are pushing lawmakers to consider changes.
If that’s so, it’s unclear what those changes will be as of yet.
He Could Reshape Social Security Through Digital Currency
Musk has been a vocal proponent of cryptocurrency, particularly Dogecoin, leading some experts to consider whether digital assets could play a role in Social Security reform.
Zane envisions a potential future where Social Security integrates digital payments, possibly even cryptocurrency, to reduce administrative overhead and streamline how benefits are administered.
Angelo Crocco, CPA and owner of AC Accounting, agreed. “[Musk’s] outspoken support for digital currencies and his disdain for inefficiency has created an environment ripe for change.”
However, the average American doesn’t hold or even use much cryptocurrency, so this is unlikely to be an imminent change, if at all.
He Could Suggest Changes in How Social Security Is Invested
Similarly, Edward Piazza, president of Titan Funding, pointed to Musk’s ability to redefine industries as a sign that Musk could improve how Social Security is run.
“If Musk were to suggest new investment models, they could enhance the longevity of Social Security because his financial strategies are often rooted in maximizing return through alternative funding approaches,” Piazza said.
However, he cautioned that any significant shift would take years to unfold, due to the complexities of implementing such large-scale reforms.
The Long-Term Impact on Retirees and Workers
If Musk’s influence leads to discussions about modernizing Social Security, who would be most affected? Adam Garcia, founder of TheStockDork.com, believes that younger workers and future retirees could see the most significant changes.
While current beneficiaries are unlikely to see immediate disruptions, future Social Security contributors may, Garcia said. He pointed out that market shifts can cause ripple effects that influence societal perceptions.
“As younger generations become more engaged with fintech and alternative investments, their contributions and trust in traditional systems like Social Security may waver,” Garcia said.
While experts agree that Musk’s influence may play a part in driving conversations about Social Security reform, actual policy changes remain uncertain. Any adjustments to the system would require extensive legislative action and bipartisan support, making swift changes unlikely.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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