Elon Musk and Mike Lee Under Fire for Comments on Social Security: Advocates Warn of Privatization Push

Chuck Beaton | DayMark News
The world’s wealthiest man, Elon Musk, is facing backlash after amplifying a series of social media posts by Senator Mike Lee (R-Utah) that attacked Social Security as a “nightmare” and suggested its dismantling. Musk’s endorsement of Lee’s rhetoric comes as he assumes a controversial role as co-chair of a federal advisory commission tasked with identifying areas for government spending cuts—a position critics say could jeopardize the New Deal-era program.

"Elon Musk's commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything," warned Alex Lawson, executive director of Social Security Works, a nonprofit advocacy group.

A “Nightmare” or a Lifeline?

The controversy began with Lee’s inflammatory thread on X, Musk's social media platform. In his posts, Lee characterized Social Security as a “tax plan” cloaked as a retirement program, dismissing the landmark Social Security Act of 1935 as a government deception. Musk’s response—“Interesting thread”—sent shockwaves through advocacy groups and retirees who view Social Security as a lifeline.

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Last night, Sen. Mike Lee wrote a blueprint for destroying Social Security.

Lee’s thread was quickly amplified by Elon Musk.

Republicans have declared war against seniors, people with disabilities, and the American public. pic.twitter.com/j7oOMhdyNJ

— Social Security Works (@SSWorks) December 3, 2024

Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), quickly condemned Lee’s remarks, labeling them a “misrepresentation of Social Security’s history and how the program works.” Richtman pointed out that Social Security has operated successfully for nearly 90 years without missing a single payment.

“There is nothing deceptive about Social Security,” Richtman said. “The kind of propaganda Sen. Lee posted undermines public support for Social Security, making it easier to cut or privatize the program.”

The Stakes for Americans

Social Security is more than a retirement program—it is the most significant anti-poverty measure in the United States, lifting over 21 million Americans above the poverty line annually. It also provides crucial disability and survivor benefits. For critics like Lawson, Musk’s platforming of Lee’s views directly threatens these protections.

“For 89 years, through war and peace, boom times and bust, Social Security has never missed a single payment,” said Lawson. “Compared to the risky alternatives on Wall Street, Social Security is a rock of retirement security.”

The Push for Privatization

Musk’s involvement in federal spending decisions has amplified fears that Social Security could be privatized, a move long championed by some conservative lawmakers. Privatization would redirect Social Security funds into private investment accounts, exposing retirees to market volatility. Lawson compared this to the dismantling of defined-benefit pension plans, which left many workers with diminished returns while enriching Wall Street managers.

"We've seen this play again and again," Lawson added. "Workers got pennies, while Wall Street managers got billions. That is always the plan."

Political Divide and Public Sentiment

The attack on Social Security comes at a politically charged moment. President-elect Donald Trump has promised to protect the program, but his administration has simultaneously entertained proposals to raise the retirement age—a de facto benefit cut. Republican lawmakers, poised to take control of Congress, have hinted at broader entitlement reforms, with Rep. Rich McCormick (R-Ga.) suggesting “hard decisions” lie ahead for Social Security, Medicaid, and Medicare.

Advocacy groups argue these moves contradict public opinion. Surveys consistently show that Americans, regardless of political affiliation, oppose cuts to Social Security and support increasing contributions from high earners to bolster the program’s finances.

“If billionaires like Elon Musk paid into Social Security at the same rate as the rest of us on all of their income, we could expand benefits for everyone and pay them in full forever,” said Lawson.

The Bigger Picture

The controversy highlights broader debates over income inequality and the role of billionaires in shaping public policy. Musk, whose net worth exceeds $200 billion, has become a polarizing figure in these discussions. Critics accuse him of using his influence to undermine programs that benefit ordinary Americans, while proponents argue he brings valuable business acumen to government advisory roles.

Richard Fiesta, executive director of the Alliance for Retired Americans, called Musk’s actions “a declaration of war” on Social Security. “Social Security is a solemn promise between the American people and the government,” Fiesta said. “No one voted to phase out Social Security or let Wall Street gamble with their earned benefits.”

What’s Next?

As the debate intensifies, the future of Social Security remains uncertain. While advocacy groups vow to resist any privatization or benefit cuts attempts, the political landscape suggests an uphill battle. For now, watchdogs like Social Security Works and the NCPSSM are rallying public opposition, urging Americans to hold policymakers accountable.

“This money is ours,” Lawson concluded. “Mike Lee, Elon Musk, and Donald Trump—you’re not going to get a penny of it.”

As the wealth gap widens and entitlement programs face mounting scrutiny, the fight over Social Security underscores the stakes for millions of Americans who depend on the program—and the powerful forces determined to reshape it

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