SS is a pseudo ponzi scheme. They use the SS tax to pay recipients. Theres no SS fund. The best you can say is SS is mostly held (and props up) treasury bonds, that which isnt siphoned as general fund fungible money (which is vast majority). In that vein its pretty identical to a pyramid/ponzi scheme, however those schemes also require intent to defraud. I dont think SS intent is to defraud folks. Half and half.

The main problem with SS is of course its abyssmal failure. Rate of return over its lifespan is 1.5-1.9%, teetering on being under inflation over that timespan. Theres also fact SS is taxed as income, has onerous requirements (you cant work more than iirc 10-15 hours / make more than 15,000$/year and collect SS), isnt inheritable beyond your spouse, etc. Compared to Roth IRA / 401k, or traditional 401k that SS withholding is losing you vast sums of money.

Of course, because some people would not use that SS withholding to build their retirement, everyone is punished to SS misery and thats an inherent failure of socialism. Equal misery. SS is barely livable if that. An abject failure on all accounts. If you put that money into a Roth youll get 6-7% yearly return over its lifespan, tax benefits, if you die your family inherits, and so much more. Of course, the sensible option of letting people opt out, they cant do because SS requires workers paying tax to fund it. That SS that was withheld 12 years ago, 6 years ago, 3 years ago, is gone. Its a scam and I'd do anything to not have my money thrown away "for my own good".