SS is NOT a Ponzi scheme but it is a welfare program disguised as an insurance annuity. All welfare programs work the way that it works. That is, all such programs pay for current welfare out current income. Even charities work that way so that is not the fraud.. The fraud is that it is structured in a way to fool people into thinking that it is insurance/retirement annuity like what some insurance companies offer. It was supposedly setup the way it is to make it politically difficult to end. But the disguise makes it make a much costly welfare program that it should be and the disguise is meant to fool people and so it is a bit of a fraud. It is welfare program that distributes most of it funds to people who do not need the money.
SS as a welfare program should not pay out more to those who made more in their working years. As a welfare/insurance program if everyone got the same minimal amount in retirement, and we can debate what the amount should be, the tax could be lowered allowing individuals more control of their own money and retirement. That would make most everyone better off. It should also be funded through general revenue not some special tax.