Trump's Pick To Oversee Social Security COLA Says 'Need To Sunset' Program
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President Donald Trump's pick for commissioner of the Bureau of Labor Statistics has argued for "sunsetting" Social Security, calling it a "Ponzi scheme."
Trump nominated Heritage Foundation economist E.J. Antoni to lead the BLS less than two weeks after firing the agency's former commissioner, Erika McEntarfer, in response to weaker-than-expected job numbers. The dismissal has fueled concerns that upcoming BLS reports could be altered to advance Trump's political agenda.
Newsweek has contacted Antoni for comment via his profile on the Heritage Foundation's website.
Why It Matters
Social Security provides benefits to more than 70 million Americans every month, paying out retirement, survivor and disability benefits. Often referred to as the "third rail" of American politics for its enduring popularity, advocating against the program is considered politically perilous to members of either party.
The BLS is the federal agency responsible for producing essential inflation data, including the Consumer Price Index for Urban Wage Earners and Clerical Workers—the official index used to calculate Social Security Cost of Living Adjustments. As commissioner, Antoni would oversee how that data is produced and published.
President Donald Trump listens to questions from reporters after speaking on economic data in the Oval Office in Washington, D.C., on August 7.
President Donald Trump listens to questions from reporters after speaking on economic data in the Oval Office in Washington, D.C., on August 7.
Win McNamee/GETTY
What To Know
Speaking on KTRH's Houston's Morning News in December, Antoni said Social Security was set up as a "Ponzi scheme" where "today's investors are—their funds are being used to pay yesterday's investors."
A Ponzi scheme is a fraudulent investment setup where money from new investors is used to pay existing ones. Social Security payments are financed from a dedicated payroll tax collected from current workers. Any excess that is not used is kept in dedicated trust funds: the Old-Age and Survivors Insurance trust fund and the Disability Insurance trust fund. These trust funds are scheduled to reach depletion in 2034 unless Congress acts, according to the 2025 Social Security Trustees report.
"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," Antoni continued. "Eventually you need to sunset the program."
Antoni said current benefits need not be touched, but future retirees should not rely on the program. He advocated for transitioning to a system that uses private accounts "for just them."
"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."
Antoni argued for "some kind of transition program where, unfortunately, you'll need a generation of people who pay Social Security taxes but never actually receive any of those benefits," he continued. "And 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."
Who Is E.J. Antoni?
Antoni is the chief economist for the conservative think tank the Heritage Foundation, which published Project 2025. According to his bio on its website, he was previously "an economist at Texas Public Policy Foundation and has taught courses ranging from labor economics to money and banking." He also holds master's and doctoral degrees in economics.
Writing on Truth Social regarding Antoni's appointment to the BLS, Trump said, "E.J. will ensure that the Numbers released are HONEST and ACCURATE."
In a statement on X, Labor Secretary Lori Chavez-DeRemer said Antoni would "provide the American people with fair and accurate economic data they can rely on."
What People Are Saying
White House assistant press secretary Taylor Rogers told Newsweek: "President Trump selected Dr. E.J. Antoni III to restore America's trust in the jobs data that has had major issues, without any real attempt at resolution, for years. Antoni's education and vast experience as an economist has prepared him to produce accurate public data for businesses, households, and policymakers to inform their decision-making."
Democratic Representative John B. Larson of Connecticut said in a news release on August 11: "It should alarm everyone when a yes-man determined to end Social Security is installed in this position. I call on every Senate Republican to stand with Democrats and reject this extreme nominee—before our seniors are denied the benefits they earned through a lifetime of hard work."
Jason Furman, a Harvard economist and former chair of Barack Obama's Council of Economic Advisers, posted on X: "I don't think I have ever publicly criticized any Presidential nominee before. But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise. He would be a break from decades of nonpartisan technocrats."
What Happens Next
It remains to be seen whether the Senate will confirm Antoni's nomination to lead the BLS, which is an independent agency under the Labor Department.
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