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Isabella Torregiani
Guest
President Donald Trump‘s nominee to lead the Bureau of Labor Statistics (BLS) has sparked controversy after labeling Social Security a “Ponzi scheme” and calling for the program to be “sunset.”
The nominee
The move raised concerns about future job data being skewed. (MEGA)
Trump selected E.J. Antoni to head the BLS just days after firing former commissioner Erika McEntarfer over disappointing job numbers. The abrupt change has raised concerns that future labor data could be shaped to serve Trump’s political messaging.
Who is E.J. Antoni?
Antoni is the chief economist at the conservative organization that produced Project 2025. (Hunters Race/Unsplash)
Antoni is the chief economist at the Heritage Foundation, a conservative organization that produced Project 2025. According to his bio, he previously worked at the Texas Public Policy Foundation and taught economics courses in areas such as labor economics and banking. Trump praised Antoni’s appointment on Truth Social, writing, “E.J. will ensure that the Numbers released are HONEST and ACCURATE.”
The claim
He claimed Social Security was a Ponzi scheme. (Alexander Mils/Unsplash)
In an interview with KTRH’s Houston’s Morning News, Antoni claimed Social Security was created as a “Ponzi scheme” in which “today’s investors are — their funds are being used to pay yesterday’s investors.” A Ponzi scheme is a fraudulent structure in which new investors fund returns for earlier ones. “And unless you are going to grow the number of investors at an exponential rate, that system is eventually going to collapse. Well, since we can’t grow the workforce at an exponential rate, especially today when our population is actually in a state of decline, you’re not going to be able to sustain a Ponzi scheme like Social Security,” he continued. “Eventually you need to sunset the program.”
His position
Antoni said future benefits shouldn’t be expected. (Mark Timberlake/Unsplash)
Antoni clarified that current retirees’ benefits should remain intact but argued that future generations should not rely on the program. “There’s plenty of money available to pay for folks who are already retired,” he said. “But the people who are going to retire 10, 20, even 30 or certainly 40 years from now — I’m sorry, but the program is not going to be viable at that time.” He called for a transition to private accounts for future retirees. This could mean one generation pays into Social Security without receiving benefits. “That sounds harsh, but unfortunately that’s the price to pay for unwinding a Ponzi scheme that was foisted on the American people by the Democrats in the 1930s.”
The post Trump pick to lead Bureau of Labor Statistics calls Social Security a Ponzi scheme appeared first on Knewz.
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