No, not bullshit. Unless you produce some real figures on the matter, I'll stick with the polifact analysis. It's funny you mention that politicians have been "admitting" there is fraud, because the politifact team specifically addressed a claim made by Tom Coburn, who argued that medicare waste and fraud amounts to ~20%.
BTW, politifact said the statement was half true - generously I might add. I say it was generous because the implication is that government is always more wasteful than the private market, when in this specific case the government program is just as efficient as the private sector. I'd rate it a lie, 100%, for that reason. He set out to intentionally mislead the public and it worked on you from the looks of it. I find it kind of humerous, actually, he could have listed a number of wasteful programs to make his point that government is generally less efficient than the private sector - but he chose a program that is actually quite successful and efficient.