News Release

Bloomberg (Still) Wants to Cut Social Security

NANCY ALTMAN, LINDA BENESCH, lbenesch at socialsecurityworks.org, @ssworks
Altman is president of Social Security Works; Benesch is the communications director for the group, which fights to “address our nation’s retirement income crisis by protecting and expanding Social Security.”

They just wrote the piece “Bloomberg (Still) Wants to Cut Social Security,” which states: “Of all the Democrats contending for the presidential nomination, Michael Bloomberg is the worst choice to debate Donald Trump on an overwhelmingly important issue: Social Security’s future. Bloomberg’s position on Social Security is to the right of Trump’s stated position — and widely out of step with even Republican voters, let alone Democrats.

“Bloomberg has a long history of supporting cuts to Social Security, including raising the retirement age. He’s disparaged Social Security, one of the most popular and successful government programs in history, by comparing it to Bernie Madoff’s Ponzi scheme. He was an enthusiastic supporter of the Bowles-Simpson austerity commission, which tried to jam through huge Social Security cuts behind closed doors.

“Now, Bloomberg is running to be the Democratic nominee for President — even though he was a Republican for years, and only became a Democrat in 2018. For months, Bloomberg was the only major candidate without a Social Security plan. Now, he’s finally released one.

“Bloomberg’s Social Security plan is very carefully worded. Unlike Bloomberg’s past statements, the plan does not overtly endorse Social Security cuts. That’s no surprise, since cutting Social Security is incredibly unpopular with voters across the political spectrum. But a close read reveals that Bloomberg hasn’t changed his views. He’s just gotten smarter about hiding them. …

“For those who have followed the Social Security debate closely, Bloomberg’s words about ‘options’ are a clear signal. His language is insider speak, a wink and a nod to the donor class that he, like them, favors cutting Social Security. His promises to ‘strengthen’ and ‘preserve’ Social Security are meaningless. Those words are frequently used by billionaire elites like Bloomberg as code for ‘cut Social Security to save it.’ Nor does Bloomberg’s support of targeted Social Security increases inspire confidence. Bowles-Simpson also included targeted benefit increases, alongside huge cuts to overall benefits. So did Paul Ryan’s plans.”