Although federal officials have long recognized improper spending as a problem, it is not the main reason for the program’s dire financial outlook

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."

As Elon Musk, and his DOGE team, continue to slash funding, jobs, and offices across Social Security, their claims about the program are especially troubling.