Treasury Secretary parrots Musk’s claim Americans won’t need savings thanks to AI

Scott Bessent echoed Elon Musk’s claims that Americans won’t need to save for retirement thanks to the “abundance of AI”. In a recent interview with The Economist, the SpaceX CEO said that he believes that in a few years, artificial intelligence will exceed human intelligence and cash will soon become meaningless. He had previously said that saving will soon become irrelevant. “Don’t worry about squirrelling money away for retirement in like 10 or 20 years - it won’t matter,” he claimed in a January appearance on the Moonshots with Peter Diamandis podcast. Speaking to Fox News on Monday (27 July), the Treasury Secretary agreed with Mr Musk, though said he believed Mr Musk is “ahead of the curve” in regard to the timeline.

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