Former New York City Mayor Michael Bloomberg referred to Social Security as a “Ponzi scheme” as mayor and called for cuts to the program as well as to Medicare and Medicaid.No less than the Social Security Trustees have said that the music will stop in 2035 and then benefits will be cut back 25% to match incoming revenues. I wonder how Americans who have paid into the system for their entire lives will feel about this negative rate of return.
"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 2009 on the radio program “Live from City Hall” in audio reported by CNN’s KFile.
"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 added.
I don't think the issue has come up once during the Democratic debates.
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