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.”

Statement: “Social Security is the biggest Ponzi scheme of all time.” In an interview with podcaster Joe Rogan, billionaire and White House adviser Elon Musk resurrected a term that Social Security critics have sometimes used to describe the program,