Mike Bloomberg in 2020 FactCheck

On Health Care: 2011: We're going to cut back Medicaid and Medicare

In January 2011, Bloomberg argued we'd have to do something about Medicare and Medicaid.

"When you listen to them talk at a federal level, 'I'm going to cut the deficit.' You know, every new group that comes through--keep in mind 2/3 of the federal budget is entitlements and debt service. Debt Service legally, you can't touch, entitlements means seniors. We're going to cut back Medicaid and Medicare, we're going to have to do something, but that's going to be a very tough lift," Bloomberg said.

Source: CNN K-File FactCheck on 2020 presidential hopefuls Feb 26, 2020

On Social Security: 2009: Called Social Security a "Ponzi scheme"

Bloomberg compared Social Security to a "Ponzi scheme" and repeatedly said cuts to that program as well as Medicare and Medicaid had to be part of any serious solution to reducing the federal deficit. "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 a January 2009 appearance, referencing the imprisoned former investment adviser who committed billions in fraud. Source: CNN K-File FactCheck on 2020 presidential hopefuls Feb 26, 2020

The above quotations are from Fact-checking on 2020 Presidential, Gubernatorial, and Senatorial campaigns. Click here for other excerpts from Fact-checking on 2020 Presidential, Gubernatorial, and Senatorial campaigns. Click here for other excerpts by Mike Bloomberg. Click here for a profile of Mike Bloomberg.
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Page last updated: Dec 01, 2021