Home News New Leak Sinks Bloomberg, Calls Social Security ‘Ponzi Scheme,’ Wants To Cut Safety Net

New Leak Sinks Bloomberg, Calls Social Security ‘Ponzi Scheme,’ Wants To Cut Safety Net

by Paul Goldberg
New Leak Sinks Bloomberg, Calls Social Security ‘Ponzi Scheme,’ Wants To Cut Safety Net

Mike Bloomberg is having a bad week. He appeared inept during his two big debate performances as Liz Warren cut him to shreds.

He has money but even Bernie doesn’t want it – he will take it in the end just like Pelosi did.

Pelosi famously and very silently allowed Bloomberg to drop millions to help her win back the House.

Bloomberg got his endorsements for his money and Pelosi has stayed silent but the voters will not be swayed by slick ads when the truth is staring them in the face.

From CNN:

The comments come from Bloomberg’s weekly appearances as mayor on the radio program “Live from City Hall,” which was reviewed by CNN’s KFile.

“I don’t know if Bernie Madoff got his idea from there, but if there’s ever a Ponzi scheme, people say Madoff was the biggest? Wrong. Social Security is, far and away,” Bloomberg said in a January 2009 appearance, referencing the imprisoned former investment adviser who committed billions in fraud.

Madoff was arrested in December 2008 and later pleaded guilty to running a massive Ponzi scheme, a type of fraud where existing investors are paid with funds from new investors.

“We are giving monies out with the next guy’s money coming in and at the end of — when the music stops — it’s just not gonna be enough chairs for everybody,” Bloomberg said.

Asked about his comments calling Social Security a Ponzi Scheme, Stu Loeser, a spokesman for Bloomberg, defended him.

“The Social Security Administration itself gives out detailed actuarial tables on when and how payments will exceed income, and the issue needs attention because we’re running the cushion between them down,” he told CNN. “Mike believes that between now and that time, we will need to boost receipts by raising contributions from those who can best afford it, which is what he’ll do as President…

… During a 2013 appearance on the show, Bloomberg said he long advocated to let the Bush-era tax cuts expire, but added, “The other side you would have to do with entitlements and that sort of thing.”

“And if you don’t cut entitlements, the rest is a joke,” he said.

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