The steps DOGE is taking could diminish consumer confidence and eventually push the government to hand the program over to the private sector, proponents of Social Security say.

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.”

In a recent interview on Joe Rogan's podcast, Elon Musk boldly claimed that Social Security is a Ponzi scheme. Understandably, this assertion stoked fears that the head of the nascent Department