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As NYC Mayor, Mike Bloomberg Called for Cuts to Social Security “Ponzi Scheme”

HeadlineFeb 28, 2020

A newly resurfaced audiotape from 2009 captured then-Mayor Bloomberg comparing Social Security to the investment company of Wall Street fraudster Bernie Madoff. 

Mayor Michael Bloomberg: “Social Security, it’s a 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. Social Security is, far and away.”

Then-Mayor Bloomberg made the comment in 2009 on his radio program “Live from City Hall,” where he repeatedly called for cuts to Social Security, Medicare and Medicaid. 

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