At an event organized by the “Social Security Works” foundation, former Maryland Governor Martin O’Malley launched a strong attack on Bitcoin, considering it a “Ponzi scheme.” At the same time, he defended Social Security as one of the strongest American social safety net programs, warning against attempts by prominent figures like Elon Musk and Donald Trump to undermine Americans’ trust in it.
Social Security: An Attack from Within
O’Malley noted that Social Security is under a gradual and unannounced attack by weakening it from within instead of changing it through legislation. He explained that about 7,000 employees have already left the program, with expectations that another 10,000 will follow in the near future. According to O’Malley, these employees directly contribute to ensuring that millions of Americans receive retirement and disability benefits.
O’Malley added that there are many myths surrounding Social Security, such as the claims that undocumented immigrants receive benefits or that deceased individuals are collecting payments, emphasizing that the biggest lie is the claim that Social Security is a “Ponzi scheme.” He stated clearly: “That’s nonsense. Bitcoin may be a Ponzi scheme, but Social Security is not.”
In discussing Social Security, O’Malley confirmed that the program currently has a surplus of $2.6 trillion, making it one of the few U.S. government programs with a positive balance. He saw that political figures like Elon Musk and Donald Trump are trying to undermine the reputation of Social Security to pave the way for accessing this reserve in the future. According to O’Malley, they are seeking to achieve their goals by spreading lies to create a general atmosphere of doubt about the program.
Bitcoin: Digital Gold or Economic Illusion?
As for Bitcoin, which some promote as “digital gold,” O’Malley clarified that despite its significant volatility, this currency remains far from being the best option for long-term financial security. He pointed out that Bitcoin’s uniqueness stems from its decentralized nature and limited supply, but these factors do not make it immune to the fluctuations that could affect its value in the future.
In this context, renowned economist Robert Kiyosaki warned of the rapid decline in the value of the U.S. dollar due to high unemployment rates and the continuous printing of money. Kiyosaki emphasized that individuals should hedge against these risks by investing in Bitcoin, gold, and silver.
O’Malley’s statements reflect a clear vision in defending Social Security as a fundamental pillar of financial security in the United States, in the face of attempts to destroy its credibility. Despite the noise surrounding Bitcoin as a financial alternative, O’Malley remains firm that real financial security lies in strong and sustainable programs like Social Security, which still represents the safest option in the face of economic crises.
