Treasury Secretary claims Americans won't need retirement savings

In conversation with Fox News host Sean Hannity, Treasury Secretary Scott Bessent backed Tesla CEO Elon Musk's predictions about artificial intelligence.

Bessent agrees with Musk in that AI will create such abundance that Americans won't need traditional retirement savings.

"He's normally early. He's just so far ahead of the curve. He sees things that no one else sees. But I do think we are building this incredible economy that we can't even imagine," Bessent added. He also claimed a quarter of current jobs didn't exist in 2000.

Journalist Aaron Rupar flagged the conversation on social media.

Musk previously described AI and robotics as a "supersonic tsunami" that eliminate scarcity. Musk also believes AI will exceed human intelligence by 2030 and humanoid robots will outnumber people.

Bessent's endorsement comes amid urgent retirement security concerns: the 2026 Social Security Trustees Report released in June projects the trust fund will deplete in 2032, triggering a 22 percent automatic benefit cut affecting roughly 63 million retirees unless Congress acts.

Financial planners surveyed by Business Insider widely criticized Musk's advice, urging Americans to continue saving.

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