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

Michael Bloomberg.
(Image credit: Scott Olson/Getty Images)

Billionaire and former New York City Mayor Michael Bloomberg twice compared Social Security to a Ponzi scheme when he was in office, CNN reports, which is a far cry from his current stance as a Democratic presidential candidate.

Nowadays, Bloomberg has vowed to to strengthen entitlement programs, but he used to see them as a major hurdle in the effort to shrink the United States' deficit. During appearances on his old radio program "Live from City Hall," which were reviewed by CNN's KFile, Bloomberg made the Ponzi scheme comparison once in 2006 and again in 2009. The latter instance was in relation to Bernie Madoff, who was arrested in December 2008 and later pleaded guilty to a massive Ponzi scheme.

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Stu Loeser, a spokesman for Bloomberg, attempted to explain Bloomberg's comments to CNN. "The Social Security Administration itself gives out detailed actuarial tables on when and how payments will exceed income, and the issue needs attention because we're running the cushion between them down," he said. "Mike believes that between now and that time, we will need to boost receipts by raising contributions from those who can best afford it, which is what he'll do as president." Read more at CNN.

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Tim O'Donnell

Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.