Podcaster and New York University professor Scott Galloway is well-known for his provocative opinions and smart takes on business, finance and government.
That fact includes Galloway’s unconventional view on how Social Security ought to be run. It also involves some sharply critical words he recently spoke about Tesla CEO Elon Musk.
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Galloway, who earns $16 million annually, contends that wealthy individuals, including himself, should not receive Social Security benefits.Â
He advocates for means-testing to determine eligibility, ensuring that the program primarily supports those who depend on it for financial security in retirement.
He highlights an imbalance in the system, pointing out that an employee at the company he owns, ProfG Media, earning $160,000 annually contributes $9,000 to Social Security, which amounts to 6% of their income.Â
However, because Social Security taxes are capped at $160,000, someone earning millions — such as himself — still pays only $9,000, despite making exponentially more.
Related: Scott Galloway warns Americans on 401(k), US economy threat
Galloway sees Social Security as a safety net meant to prevent seniors from falling into poverty, rather than a mechanism for transferring wealth from younger generations to retirees who, collectively, are the most financially well-off generation in history. He argues that substantial reforms are necessary to reduce costs significantly.
He believes that political leaders have avoided addressing the issue due to the risks involved, noting that older voters have managed to secure increasing financial benefits for themselves.
Galloway asserts that this trend must end and that, by his math, approximately one-third of seniors should not be receiving Social Security.
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Scott Galloway shares criticism of Elon Musk
Appearing on a YouTube broadcast of Piers Morgan Uncensored, Galloway explained his view that a number of Musk’s actions, such as spearheading the shutting down of USAID, were not to be respected.
“Somehow we’ve decided in America that innovation and money replaces — or obviates, or excuses — depravity.” Galloway said. “Or cutting off aid to HIV positive mothers, deciding what veterans should get benefits, cutting off SNAP payments, which have shown to have a positive net return when people run out of money for food at the end of the month.”Â
“I mean, I think one of the wonderful things about being an American and quite frankly, for me what it means to be a man and what I try to teach my boys, is the whole point of prosperity is such that you can protect people,” he added.Â
More on retirement:
- Dave Ramsey sounds alarm for Americans on Social Security
- Scott Galloway warns Americans on 401(k), US economy threat
- Shark Tank’s Kevin O’Leary has message on Social Security, 401(k)s
Galloway criticized Musk’s behavior, arguing that wealth and success should not excuse problematic actions.Â
According to Galloway, when someone publicly makes offensive gestures such as apparent Nazi salutes, is largely absent from their children’s lives, or reportedly struggles with substance abuse, it raises serious concerns.Â
He questions whether such a person should be considered an aspirational figure for young men. Galloway urges people to reflect on how money and status can distort public perception, noting that Musk’s achievements — whether in aerospace or autonomous vehicles — are remarkable.Â
However, he challenges the idea that these accomplishments justify moral failings, asking whether society should overlook unethical behavior simply because someone is a visionary or the richest person in the world.
Related: Dave Ramsey warns Americans on Social Security
Scott Galloway compares Elon Musk to Bill Gates
Galloway discusses Musk’s behavior and mentions billionaire Bill Gates as an example of an immensely wealthy person who is putting his money toward philanthropy and making the world a better place.
“Does that mean unlike Bill Gates, he’s not using his billions to help people?” Galloway asked. “He’s not planting trees the shade of which he won’t sit under. I think this is an individual who has literally come off the tracks … and is using his immense power to get people elected.”
“Too many of us excuse what is abhorrent behavior,” Galloway added. “I think his legacy is not going to be an EV or putting rockets into space. I think it’s going to be unnecessary death, disease, and disability of the world’s most vulnerable. That is not what it means to be an innovator. It’s not what it means to be an American. It’s not what it means to be a man.”
Related: Shark Tank’s Kevin O’Leary sends strong message on Social Security
