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The Straight Story

(48,121 posts) Sat Nov 24, 2012, 07:46 PM Nov 2012

Goldman Sachs CEO Blankfein Says Americans Should Work Longer and Receive Fewer Benefits

Multi-Millionaire Goldman Sachs CEO Blankfein Says Americans Should Work Longer and Receive Fewer Benefits

Solving the long-term solvency problem of Social Security will mean Americans retiring later in life and receiving fewer benefits, according to one Wall Street tycoon who received $16 million in compensation in 2011.

Lloyd Blankfein, the enormously wealthy CEO of Goldman Sachs, recently told CBS News that “the retirement age has to be changed.” He also remarked that “maybe some of the benefits have to be affected; maybe some of the inflation adjustments have to be revised. But in general, entitlements have to be slowed down and contained.”

Blankfein, who owns $210 million worth of Goldman Sachs stock, defended his suggestions by claiming that “Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career.”

This remark prompted a big “huh” among many who saw Blankfein’s interview. A 25-year career? If most Americans only worked 25 years, that would mean they were retiring in their forties.

http://www.allgov.com/news/top-stories/multi-millionaire-goldman-sachs-ceo-blankfein-says-americans-should-work-longer-and-receive-fewer-benefits-121123?news=846283

14 replies

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Goldman Sachs CEO Blankfein Says Americans Should Work Longer and Receive Fewer Benefits (Original Post) The Straight Story Nov 2012 OP

What a dick Danmel Nov 2012 #1

If I said: You should invest more and get less back The Straight Story Nov 2012 #2

+1. nt Honeycombe8 Nov 2012 #9

Blankfein Turbineguy Nov 2012 #3

These Plutocrats are BEGGING people to go late 18th century France on their asses. marmar Nov 2012 #4

As it is, plenty of people are having a hard time staying fully employed to age 65 TexasBushwhacker Nov 2012 #5

OldDem2012 says corporate CEOs should pay a LOT more taxes and get a LOT less pay.... OldDem2012 Nov 2012 #6

Ezra Klein cut the best video rant ever in response to this asshat. reusrename Nov 2012 #7

BS. Out of the question. NO! N-O. I will NOT support anyone who supports this crap. nt Honeycombe8 Nov 2012 #8

Goldmann Sachs is the epitome of what is wrong with this country. /nt think Nov 2012 #10

These bastards would be no more had TARP been defeated. Dawson Leery Nov 2012 #11

Huge D**K & R !!! WillyT Nov 2012 #12

Lloyd Blankfein is a WallStreet crook who should be behind bars: think Nov 2012 #13

Social Security benefits are currently based on the 35 years of highest inflation-adjusted earnings FarCenter Nov 2012 #14

Danmel

(4,927 posts)

1. What a dick

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 07:51 PM

Nov 2012

That is all

The Straight Story

(48,121 posts)

2. If I said: You should invest more and get less back

Reply to Danmel (Reply #1)

Sat Nov 24, 2012, 07:52 PM

Nov 2012

I would be called a commie....

Honeycombe8

(37,648 posts)

9. +1. nt

Reply to The Straight Story (Reply #2)

Sat Nov 24, 2012, 09:29 PM

Nov 2012

Turbineguy

(37,372 posts)

3. Blankfein

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 08:20 PM

Nov 2012

probably also thinks he has some useful function on this Planet.

marmar

(77,091 posts)

4. These Plutocrats are BEGGING people to go late 18th century France on their asses.

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 08:23 PM

Nov 2012

TexasBushwhacker

(20,219 posts)

5. As it is, plenty of people are having a hard time staying fully employed to age 65

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 08:41 PM

Nov 2012

People are having to retire at 62 and take a reduced benefit FOR LIFE, not because they want to, but because they can't find anyone to hire them. There is a strong incentive for people to work until they are 70 because their benefit can be increased 8% per year after their normal retirement age up to age 70. My retirement age is 66.5, so I can conceivably raise my benefit by 28% by working until I'm 70.

What they need to is raise the cap on the income subject to Social Security tax. Right now its $110K and Social Security is fine, paying the current level of benefits, until 2033. If they eliminated the cap entirely, as they have for the Medicare tax, Social Security would be healthy FOREVER. They could even increase benefits or reduce the overall tax rate from 6.25.

OldDem2012

(3,526 posts)

6. OldDem2012 says corporate CEOs should pay a LOT more taxes and get a LOT less pay....

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 08:48 PM

Nov 2012

....commensurate with what they actually do for a living. additionally, when they retire, they should be made to retire on Social Security and have to use Medicaid/Medicare.

Kiss my ass, Blankfein.

reusrename

(1,716 posts)

7. Ezra Klein cut the best video rant ever in response to this asshat.

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 09:26 PM

Nov 2012

http://once.unicornmedia.com/now/od/auto/3aaae01e-e0f4-439d-aa7a-8d5e3e774105/db6630fb-4bb5-45b9-ba6e-04014bcf7f30/n_lw_ceo_121120/n_lw_ceo_121120.once?UMADPARAMsite=17258&UMADPARAMzone=53171

Honeycombe8

(37,648 posts)

8. BS. Out of the question. NO! N-O. I will NOT support anyone who supports this crap. nt

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 09:28 PM

Nov 2012

think

(11,641 posts)

10. Goldmann Sachs is the epitome of what is wrong with this country. /nt

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 10:44 PM

Nov 2012

Dawson Leery

(19,348 posts)

11. These bastards would be no more had TARP been defeated.

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 11:14 PM

Nov 2012

WillyT

(72,631 posts)

12. Huge D**K & R !!!

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 11:17 PM

Nov 2012

think

(11,641 posts)

13. Lloyd Blankfein is a WallStreet crook who should be behind bars:

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 11:27 PM

Nov 2012

Goldman Sachs Will Not Face Criminal Charges: Justice Department

....
The accusations were aired in a heated 2010 Congressional hearing in which Levin grilled Goldman Chief Executive Lloyd Blankfein for hours about whether it was morally correct for the firm to sell its clients products described internally as "crap".

"The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time," the Justice Department said in a statement late on Thursday.....

Full article:
http://www.huffingtonpost.com/2012/08/09/goldman-sachs-justice-department_n_1762455.html

FarCenter

(19,429 posts)

14. Social Security benefits are currently based on the 35 years of highest inflation-adjusted earnings

Reply to The Straight Story (Original post)

Sat Nov 24, 2012, 11:37 PM

Nov 2012

Any additional years worked are disregarded in the calculation.

http://www.socialsecurity.gov/pubs/10070.html#a0=0

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