posted
Now here is a fellow that is full of crap and most likley an inbred
Extremely Rich Wall Street CEO Wants Americans To Work Longer
By Pat Garofalo on Nov 20, 2012 at 10:30 am
Goldman Sachs CEO Lloyd Blankfein 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.
Maybe working until a later age is fine for a Wall Street CEO whose net worth is $450 million. But it’s simply nonsense to assert that the retirement age needs to go up because Social Security is no longer affordable.
For starters, Social Security can pay full benefits for decades without any changes at all. (Imagine the accolades that would received if any other federal program had guaranteed funding for that stretch of time.) One simple change, raising the cap on the payroll tax, can guarantee that the program will pay nearly full benefits for three-quarters of a century. In the meantime, Social Security is statutorily barred from adding one dime to the federal deficit, so cutting it doesn’t change the nation’s deficit or debt picture.
Raising the retirement age, meanwhile, adversely impacts those workers most in need of a robust social safety net. While a year or two of extra work may not seem like much to a Wall Street CEO with his cushy corner office, for a factory worker or janitor, it can mean real problems. Life expectancy is only increasing for wealthier workers in non-physical jobs. Poorer workers doing physical labor have not seen the same gains. Overall, raising the retirement age to 70 would “cut benefits for the average retiree by 19 percent.”
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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So lets raise payroll taxes to deal with the problem, right?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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cashcowmoo, simple question; if you get something at the store? and you don't pay the store what it costs them? how long is the store going to be in business? suppose that stuff is food, which you need to live?
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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for gods sake...what hard to figure out, here?...begezzus cow!! wtf are all for the ultra wealthy all the time??...u r a poor working schlub like the rest of us. What don't u get/?? u will NEVER be a part of that class!!! EVER!!!! get it????They don't give a shiit about you!!!!!!!!!!!
-------------------- jordan Posts: 5812 | From: st paul,mn | Registered: Feb 2004
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quote:Originally posted by jordanreed: for gods sake...what hard to figure out, here?...begezzus cow!! wtf are all for the ultra wealthy all the time??...u r a poor working schlub like the rest of us. What don't u get/?? u will NEVER be a part of that class!!! EVER!!!! get it????They don't give a shiit about you!!!!!!!!!!!
What is so hard to figure out. We CAN'T afford them. Unfortunately we are going to have to face reality at some point and figure out what is sustainable. This has nothing to do with the ultra rich....it has to do with you, me, cash, glass and every other soul in this country. How long do we keep the ponzi scheme going?? It's Madoff times a million. SCARY!! The moral of the story is simple....don't even think for a minute that there will be a dime left for you and I. Prepare to take care of yourself.
Posts: 6410 | Registered: Jul 2006
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quote:Originally posted by jordanreed: for gods sake...what hard to figure out, here?...begezzus cow!! wtf are all for the ultra wealthy all the time??...u r a poor working schlub like the rest of us. What don't u get/?? u will NEVER be a part of that class!!! EVER!!!! get it????They don't give a shiit about you!!!!!!!!!!!
What is so hard to figure out. We CAN'T afford them. Unfortunately we are going to have to face reality at some point and figure out what is sustainable. This has nothing to do with the ultra rich....it has to do with you, me, cash, glass and every other soul in this country. How long do we keep the ponzi scheme going?? It's Madoff times a million. SCARY!! The moral of the story is simple....don't even think for a minute that there will be a dime left for you and I. Prepare to take care of yourself.
that pretty much sums it up.
In Zimbabwe it costs Z$300,000 to buy a can of coke.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Originally posted by jordanreed: for gods sake...what hard to figure out, here?...begezzus cow!! wtf are all for the ultra wealthy all the time??...u r a poor working schlub like the rest of us. What don't u get/?? u will NEVER be a part of that class!!! EVER!!!! get it????They don't give a shiit about you!!!!!!!!!!!
I am not for or against the ultra wealthy. You constantly attack people who have a lot of money.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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hey cash I posted this post not Jordon. This wal street guy is a pos and a wimp why would you defend him is he a relative of yours?
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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quote:Originally posted by jordanreed: for gods sake...what hard to figure out, here?...begezzus cow!! wtf are all for the ultra wealthy all the time??...u r a poor working schlub like the rest of us. What don't u get/?? u will NEVER be a part of that class!!! EVER!!!! get it????They don't give a shiit about you!!!!!!!!!!!
I am not for or against the ultra wealthy. You constantly attack people who have a lot of money.
It *is* really a pretty easy question.
ANYbody who understands America...as in the USA (and I understand there's a larger picture ==> all the way to South America) absolutely "gets it" that the middle class needs to be comfortable--at least--in order to maintain the status quo for the rich, ultra-elites.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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