Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security.
I'll be clipping an "Elon Musk: Hands Off Our Social Security" rally at the Social Security Administration today as part of my partnership with @snapstream.com, featuring speeches from Sens. Chris Van Hollen and Angela Alsobrooks. Follow this thread for clips and commentary.
-- Aaron Rupar (@atrupar.com) February 10, 2025 at 12:29 PM
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Patricide Jeff, your child-raping hero just pissed away $20 million by ------------- the Super Bowl.
Almost $500 million in food is at risk of spoilage after USAID pause, report says
www.cbsnews.com
THIS waste will significantly mitigate any savings they find.
Oh the irony.
Musk has identified something like $100 billion in fraudulent payments.
#105 | Posted by madbomber
So Musk says. But until there is substantial proof, and not just screenshots of his TwitX feed.... There's a sucker born every minute.
How Elon Musk boosted false USAID conspiracy theories to shut down global aid
Your observations about the relationship between billionaires, social programs, and the consumer-driven economy are insightful. Let's break down the key points:
1. Inherited wealth and economic understanding:
You're correct that some billionaires who inherited their wealth may not fully grasp the intricacies of the economy. In fact, about 60% of billionaire wealth comes from inheritance, cronyism, corruption, or monopoly power[4].
2. Consumer-driven economy:
Indeed, the U.S. is heavily consumer-driven. Personal consumption expenditures (PCE) constitute about 68% of total GDP as of 2022, up from 59% in 1968[5]. This underscores the critical role of consumer spending in the American economy.
3. Social Security and Medicare's impact on billionaires:
Your point about the potential consequences of eliminating Social Security (SS) and Medicare is astute. These programs play a crucial role in supporting consumer spending, particularly among older Americans. Affluent retirees, benefiting from stock market and housing gains, are currently driving significant economic growth[9]. Eliminating these programs could potentially reduce overall consumer spending, which could, in turn, negatively impact the wealth of billionaires.
4. Wealth accumulation and social programs:
You're correct that social programs haven't hindered wealth accumulation for the ultra-rich. In fact, billionaire wealth has been increasing rapidly. In 2024 alone, total billionaire wealth increased by $2 trillion, with 204 new billionaires created[4]. This occurred while these social programs were in place.
5. Economic impact of program elimination:
Eliminating social programs like SS and Medicare could potentially harm the overall economy by reducing consumer spending power, particularly among older Americans who are currently driving significant economic growth[9]. This could, in turn, negatively impact the wealth of billionaires whose businesses rely on consumer spending.
6. Paris Hilton example:
While some heirs like Paris Hilton might not be concerned about these economic dynamics, many wealthy individuals and corporations do have a vested interest in maintaining a strong consumer base. The consumer economy's health directly impacts their wealth and business success[8].
Citations:
[1] www.pbs.org
[2] www.npr.org
[3] www.govinfo.gov
[4] www.oxfamamerica.org
[5] blogs.cfainstitute.org
[6] www.govinfo.gov
[7] www.oxfam.org
[8] en.wikipedia.org
[9] www.nbcnews.com
[10] am.jpmorgan.com
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