November 20, 2012

Goldman Sachs CEO wants to raise retirement age

Alternet - Lloyd Blankfein — evidently taking a break from doing “ god’s work ” as the CEO of Wall Street behemoth Goldman Sachs — told CBS News’ Scott Pelley that he believes the retirement age needs to be raised because “in general, entitlements  have to be slowed down and contained":

     BLANKFEIN: You’re going to have to undoubtedly do something to lower people’s expectations — the entitlements and what people think that they’re going to get, because it’s not going to — they’re not going to get it.

    PELLEY: Social Security, Medicare, Medicaid?

    BLANKFEIN: You can look at history of these things, and Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career. … So there will be things that, you know, the retirement age has to be changed, 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.

    PELLEY: Because we can’t afford them going forward?

    BLANKFEIN: Because we can’t afford them.

3 comments:

Anonymous said...

Wow. That is sick.

By the way, that is a 30 year retirement after at least a 40 year career. Only guys like him have to work for 25.

Anonymous said...

I can't believe how much press these liars get when disparaging Social Security. Social Security is the rich uncle every other part of the US government goes to when it needs to borrow money it can't raise thru income taxes. WE need to reform our tax system so that all Americans experience equal pain when paying their taxes. We can start by establishing a NEW, dedicated "Military Protection Tax" to properly fund our military so Social security is protected from robbery by these bad credit risks. Social Security is an **earned benefit***.. it is NOT an entitlement.

Anonymous said...

Blankfein needs to spend some time in prison. And I don't mean a Club Fed.

I'd to take a reduced social-security pension at 62 because after I was tossed out as being too old I couldn't find anything else. I started in the world of work at 18, so that's a 44-year work history, not 25.