Bloomberg once said Social Security was the biggest Ponzi scheme

Bloomberg once said Social Security was the biggest Ponzi scheme

Bloomberg once referred to Social Security as a ’Ponzi scheme’ when he was the mayor of NYC and called for cuts to the program as well as to Medicare and Medicaid. The comments were made on Bloomberg’s weekly appearances as mayor on the radio show ’Live from City Hall’. Bloomberg has recently attacked Trump for suggesting that his administration would consider ’entitlement cuts’ in a second term.

Turk 3 months

Sounds like Bloomberg used to be BASED AF

Gradient Flow
Gradient Flow 3 months

Social security is fundamentally a socialist program. But it's not like any politician is actually going to stop it and refund our money.

Craig 3 months

Entitlements cuts?... wow... what a GREAT FDR Democrat...this neoliberal crap has plagued America long enough. Let Bloomberg run as a Republican for crying out loud... he brings NOTHING progressive to the table... it's too bad Americans hated FDR so much and never supported his runs for office... oh, wait...

scotishland3 3 months

But... it is a Ponzi scheme. Young people pay, old people receive. I’d have no issue if the amount I put in was tracked and then paid out in full when older... but it’s not. Amount paid into it has nothing to do with amount received from it. I’ll admit I’m probably biased, but I would be happy to see this Government mandated Ponzi scheme go away.

Adam Marceau
Adam Marceau 3 months

well something we agree on or did. I am fully aware that it will be bankrupt by the time I retire per person average paid in is 114k and pay out is 326k obviously unsustainable

Corey Worthington
Corey Worthington 3 months

Federally as the currency issuer Bloomberg comments are completely and utterly wrong. Sanders economic Advisor and Professor of Economics Dr Stephanie Kelton explains it best here..

..... 3 months

It is a Ponzi scheme. I actually agree on that.

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