Former New York City Mayor Michael Bloomberg once criticized social security comparing it to a “Ponzi scheme.”
As mayor, he also advocated for serious cuts to social security, Medicaid, Medicare, and other entitlement programs. In the wake of his presidential run, the audio clips of his comments are now circulating again.
According to CNN, in 2009, Bloomberg appeared on the radio show, “Live from City Hall,” where he offered his take on social security. During the segment, he said that social security is a scheme that “far” surpasses anything Bernie Madoff ever did.
“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.
The same year Bloomberg made the comments, Madoff was sentenced to 150 years in prison and ordered to pay $170 billion in restitution after running a massive Ponzi scheme. However, Bloomberg claims the government’s actions are worse and he offered an explanation to defend his opinion. – READ MORE
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