Elon Musk alleged that up to $700 billion in entitlement spending could be “waste and fraud,” raising alarm among Democrats.

Elon Musk on Monday in an interview with Fox Business Network's Larry Kudlow referred to federal spending on programs such as Social Security, Medicare and Medicaid as areas that need to be eliminated.

Although federal officials have long recognized improper spending as a problem, it is not the main reason for the program’s dire financial outlook