James Agresti, president of the nonprofit research institute Just Facts;
"Musk’s statement about Social Security being the world's biggest Ponzi scheme does have validity. A Ponzi scheme operates by taking money from new investors to pay current investors. That's the definition given by the SEC, and contrary to popular belief, that's exactly how Social Security operates."
"Back during the Obama administration, there was a stimulus, and the Obama administration sent out stimulus checks via Social Security numbers to 80,000 people who were dead, and about 70,000 of them, the Social Security Administration knew they were dead. So I don't know if they've remedied that situation since then, but clearly the system is not keeping up with the pace of current data, and that provides an opportunity for fraud."
Democrats have also made the case that Musk is attempting to strip away benefits that senior citizens have rightfully earned.
"There's been a lot of misinformation about that as of late," Agresti said. "You know, when DOGE came in and suggested that the Social Security Administration cut, I think it was about 10,000 workers, Democrats erupted that this is going to weaken Social Security. But the fact of the matter is that Social Security pays those workers who are for administrative overhead from the Social Security trust fund. So, by cutting out the money that they're paying them, you actually strengthen the program financially."