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