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."

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.”

Michael Astrue, a former commissioner of the Social Security Administration, argued that the billionaire’s claims are “just flat out wrong.”