[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.

[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.

[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.

[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...

[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.

[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.

[ronnie raygun]

The rats cleared the way decades ago to steal from it, leave an IOU for the tax payers to fund and now its part of the budget

[joma89]

All government programs are a ponzi scheme.

JoMa

[mad_as_he$$]

Hey look at that. Mini-Mike and I agree on something.

[Leep]

The biggest flaw in the scheme is throughout the years our representatives used the money intended for SS for other things.

[CapnJack]

Well on this topic, Bloomy is correct ... it is the world’s largest Ponzi scheme.

The money that comes in instantly goes out to those who were forced to put in previously.

Once the info disappears, the jig is up.

[I want the USA back]

It is a ponzi scheme. Not only that, but it made the citizens dependent on government, and was a massive income redistribution scheme. Not only that, but it made the SSN the universal citizen identifier, enabling it to become an index into multiple massive databases on the citizenry.

[utax]

SS is great! Just ask Ida Mae Fuller. She collected almost 1,000 times as much as she contributed. What could possibly go wrong with such a system?????????

[utax]

SS is great! Just ask Ida Mae Fuller. She collected almost 1,000 times as much as she contributed. What could possibly go wrong with such a system?????????