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    Elon Musk Reveals Better Alternative To Social Security

    News & Politics

    Tesla CEO and owner of social media platform X, Elon Musk, recently referred to the United States Social Security program as a mess, but then revealed that he believes the proper solution to the problem is the Superannuation program cooked up by Australia. I think we can all agree that Social Security is most definitely a gigantic mess politicians use it mostly to hold Americans hostage when election season rolls around. Many have made the claim it’s dysfunctional, but how many of those same individuals proposed actual, realistic alternatives to it?

    A good reason for that is, as I stated, that Social Security is a bargaining chip, a tool to whip up votes, and ensure they get the opportunity to stay in public service for decades while mooching off taxpayers.

    Here’s more on this from Gateway Pundit:

    Social Security and Medicare are underfunded by $175 trillion. The nightmare arrives. In 2014, I published my first book, Falling Eagle – Rising Tigers, while living in Hong Kong. This book focused on the insane policies of the Obama/Biden regime and offered solutions that were working overseas from Asia-Pacific. The biggest problem on the table was the massive amount of unfunded liabilities that were being created under the Biden regime. Below is what I wrote at that time (pp. 23-24).

    Even more alarming than the US’s annual deficits or federal debt burden is the amount of its unfunded liabilities. Unfunded liabilities are financial promises made with no money held in reserve to support these promises. For-profit organizations (e.g., companies or corporations) or not-for profit organizations (e.g., charities) must report the amount of liabilities or promises they have made that are outstanding. For example, if you have promised your employees that they will receive a pension upon their retirement, then you must report this in your financial statements.

    In addition to reporting, a prudent company will set aside funds to pay for these promises when they become due. Companies may be legally prevented from taking money from the assets set aside for some of these obligations, and if a company or organization does not set aside adequate assets to support their liabilities, the organization could go bankrupt and face litigation as a result.

    Musk, the real life version of Marvel’s Tony Stark, took on the issue of Social Security on Tuesday of this week, sharing a post on X from Utah Sen. Mike Lee, a Republican, who published a thread on the subject.

    Two years after that, the swamp creatures in our nation’s capital suddenly spun a new narrative and called Social Security a tax.

    The very idea of not having their grubby paws on this money makes the swamp creatures physically ill.

    Essentially, this is just a gigantic Ponzi scheme.

    Again, the answer to this whole thing is Australia’s superannuation program. The land down under implemented this retirement system which is primarily based on mandatory private savings placed in plans they call “superannuation funds.” So what the heck is it exactly?

    Australia’s superannuation is a mandatory retirement savings scheme for employees. It mandates that employers contribute 9% of eligible employee earnings, similar to FICA taxes in the US Social Security program, into a fund owned by the employee. The worker cannot generally access the superannuation funds until retirement or disability. There are very few governmental restrictions on the funds as well as governmental investment asset requirements and the beneficiary selects who will oversee their funds and what investments will make up their own portfolios.

    In addition to fund performance, the superannuation funds may add disability or life cover to the plans they manage. These benefits provide the individual additional coverage should an unfortunate event occur and have created a very large market for these types of insurance products for not just insurance companies but reinsurers as well.

    The incentive for individuals to obtain insurance coverage also benefits the country by having fewer individuals to care for under its welfare and disability programs. The Australia Superannuation Guarantee is an example of how a sensible and smart social program in a country can have a positive impact on other social programs in that country.

    We know this program would work because of the excellent returns Australia is seeing with it. The country has become the fourth highest in the world for their pension fund assets. And they only have a population of 20 million. It works. Social Security does not.

    Let’s make a switch.

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