The billionaire's claims about millions of dead people on Social Security are dead wrong. The real problem is a shrinking workforce paying into the system.

Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security. Social Security benefits are paid to more than 70 million Americans on a monthly basis, and help form the bedrock of income for many retirees, survivors of deceased claimants and disabled people.