Posted on 02/29/2020 8:47:37 PM PST by nickcarraway
Billionaire and former New York City Mayor Michael Bloomberg twice compared Social Security to a Ponzi scheme when he was in office, CNN reports, which is a far cry from his current stance as a Democratic presidential candidate.
Nowadays, Bloomberg has vowed to to strengthen entitlement programs, but he used to see them as a major hurdle in the effort to shrink the United States' deficit. During appearances on his old radio program "Live from City Hall," which were reviewed by CNN's KFile, Bloomberg made the Ponzi scheme comparison once in 2006 and again in 2009. The latter instance was in relation to Bernie Madoff, who was arrested in December 2008 and later pleaded guilty to a massive Ponzi scheme.
"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," Bloomberg said. "Social Security is, far and away."
Stu Loeser, a spokesman for Bloomberg, attempted to explain Bloomberg's comments to CNN. "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 said. "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." Read more at CNN.
I hope it won't happen while I need the SS money they stole from me over the years, but as with any Ponzi scheme, it has to happen at some point.
Calling SS a Ponzi scheme is probably a bit harsh, but as a friend of mine used to say, its time to call a spade a GD shovel.
Another way we know SS is bad is because of the lie that employers pay for half of it. Workers tolerate 6.2%, but would be incensed if it were 12.4%. Even though it is 12.4%.
Companies only have so much for payroll, usually around 30% of total annual company budgets, company industry depending.
If the workers want to take 12.4% away and give it to a government Ponzi scheme, that’s their doom.
Liberals, like children, think money grows on trees.
Yes, but now he's got his mind right.
I hope everybody sees what the Dems are doing.
Get Bloomie on the ticket with Joe.
It's supposed to be okay because it's the government doing it.
Really? Tell me more.
The oddest thing is they openly tell you it is unsound - and keep deducting it from your paychecks...
Yes, the employer is zapping 6.2% to the feds for their half. But it’s after the employer figured out how much to pay the employee.
Just realized, the split also makes the benefit look better when compared to what the employee “contributed”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.