A Ponzi scheme "is a fraud intended to mislead investors," said Christina C. Benson, an Elon University associate professor of business law. "Social Security is a legally mandated system that has been in place since the 1930s to serve as a critically important social safety net that allows working Americans to save towards retirement."

Though President Donald Trump has vowed that Social Security is not going anywhere, Elon Musk – the face of the government’s cost-slashing committee – has increasingly slammed the program during

Micheal Astrue, former commissioner of Social Security Administration under George W. Bush and Barack Obama, told NPR Elon Musk is wrong about Social Security and that there is no widespread fraud.