Bloomberg once said Social Security is a bigger Ponzi scheme than Bernie Madoff's

The Week ^ | February 26, 2020

[Secret Agent Man]

I’ve said this. Its a fact. Bloombergs a pompous libtard ass. Makes no difference.

[ArcadeQuarters]

He used to tell the truth? Amazing.

[dfwgator]

Bloomberg is an opportunist with no real core beliefs.

[nathanbedford]

Bloomberg was right when he called Social Security a Ponzi scheme, he has been echoing my views on these threads for years. He was right when he said it and the observation remains true today.

Equally, Bloomberg was right when he advocated stop and frisk which effectively took illegal guns off the streets. Today he wants to take legal guns away from lawful owners and turn a blind eye to illegal guns on the street.

Bloomberg is unquestionably a chameleon but that does not mean his views of old are wrong, it means they were convenient then and inconvenient now.

[nickcarraway]

He has core beliefs. He just has to hide them to run for office.

[nickcarraway]

Today he wants to take legal guns away from lawful owners

He has no authority to do that. He wants to use his money to pay others to do it.

[SWAMP-C1PHER]

On a magnitude the likes of which Madoff couldn’t have possibly achieved.

[867V309]

ponzi frauds can't inflate their way out of final reckoning.

[kiryandil]

The old lying gasbag Bloomer just needs to cut me a check for my Social Security payments from my working years.

I'll take it from there.

Somehow, I doubt that will ever happen.

So eff that lying gasbag.

[cgbg]

Your point is valid—government scams fall into a whole different category than private ones.

Whatever it is called, we baby boomers _will_ break it before we move on to the Happy Hunting Grounds.

[Ruy Dias de Bivar]

About ten or so years ago AARP magazine showed how the SS system is not a Ponzi Scheme. Ponzi schemes always collapse. Social Security has not therefore it is not a Ponzi scheme.

In the same issue, Jane Bryant Quinn showed how the SS was set up, and it was just like a Polzi scheme. She did not say it, but it showed it.

In looking at it, I see each generation will need to have three people paying to support one retiree. When those three retire they will require nine workers to support them.

When those nine retire they will require twenty seven workers to support them.

Right now there are 64 million Americans retired. Each has three workers supporting each one. Now figure 64 million x 3. It will require 192 million workers, and when those 192 million retire, X 3, 576 million. When they retire we will need that number X 3, we will need over a billion workers supporting them..

It is doomed to fail.

And we are aborting our future generations who would be paying into the system.

[sheehan]

Doomberg is right - SS is a ponzi scheme, unsustainable...

[867V309]

Whatever it is called, we baby boomers _will_ break it before we move on to the Happy Hunting Grounds.

FDR-the great socialist-asked for it.

Millennials -the generation asking for socialism- may just get it.     but it won't be what they expect.

[lepton]

He’s not wrong. Again.

[Oshkalaboomboom]

Bloomberg had a lot of good ideas. His problem wasn’t the ideas, it was disavowing and apologizing for them in order to pander to Progressive voters.

[Graybeard58]

Doomberg is right - SS is a ponzi scheme, unsustainable
……………………………………………………………………….

WAS right, he’s a democrat now.

[mulligan]

Very true. It is..

[Nateman]

When that Rotten hero of Socialism FDR created this millstone of SS, he bragged it would last for at least a century after he was gone. This mastermind of the administrative state is still spoken about in glowing terms to this day. It still remains an open question if American will survive his sabotage of liberty and property rights. That is why I rank FDR below even Obama on the worst of the worst scale.

[Nateman]

When that Rotten hero of Socialism FDR created this millstone of SS, he bragged it would last for at least a century after he was gone. This mastermind of the administrative state is still spoken about in glowing terms to this day. It still remains an open question if American will survive his sabotage of liberty and property rights. That is why I rank FDR below even Obama on the worst of the worst scale.