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   Rich Wall Street CEO to old people: "Get back to work, you"

20 Nov 2012 07:56 PM   |   11889 clicks   |   Think Progress
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Lionel Mandrake    [TotalFark]  
On one hand, this guy's a total prick; on the other hand,I don't think adjusting the retirement age is such a bad idea.

But listening to an arrogant bajillionaire complain is always grating.

20 Nov 2012 04:57 PM
Weaver95    [TotalFark]  
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.


obviously, this man is in desperate need of a tax cut.

20 Nov 2012 05:00 PM
unyon    [TotalFark]  
He's right. The 65 year retirement age was implemented when average life expectancy was... 69. It seems reasonable that the age move up, in a methodical way, allowing approaching retirees to adjust to the new reality.

Nothing is stopping anyone from putting away bank and retiring whenever you want. For many people, not being able to work past 65 is what will condemn them to a retirement of poverty.

20 Nov 2012 05:01 PM
Mentat    [TotalFark]  
Maybe we should lower the minimum work age to 5. That coal isn't going to mine itself.

20 Nov 2012 05:03 PM
Ambivalence    [TotalFark]  
He looks young and spritely.

We'll eat him first.

20 Nov 2012 05:04 PM
Lionel Mandrake    [TotalFark]  

Ambivalence: He looks young and spritely.

We'll eat him first.


Does he have a nice butt?

sharetv.orgView Full Size

20 Nov 2012 05:12 PM
MaudlinMutantMollusk    [TotalFark]  
Are there no prisons? And the Union workhouses? Are they still in operation?

20 Nov 2012 05:12 PM
Diogenes    [TotalFark]  
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

I'm retiring in 5 years and no one told me?

20 Nov 2012 05:19 PM
Darth_Lukecash    [TotalFark]  

unyon: He's right. The 65 year retirement age was implemented when average life expectancy was... 69. It seems reasonable that the age move up, in a methodical way, allowing approaching retirees to adjust to the new reality.

Nothing is stopping anyone from putting away bank and retiring whenever you want. For many people, not being able to work past 65 is what will condemn them to a retirement of poverty.


He's an idiot. we already have that in place.
My dad died four months after retiring. After having to extend put off retirement six months because of the formula on determining when you get you benefits.

20 Nov 2012 05:25 PM
Freudian_slipknot     

unyon: He's right. The 65 year retirement age was implemented when average life expectancy was... 69. It seems reasonable that the age move up, in a methodical way, allowing approaching retirees to adjust to the new reality.


Except that's simply not true for those who most need social security benefits:

"The latest estimate shows life expectancy for white women without a high school diploma was 73.5 years, compared with 83.9 years for white women with a college degree or more. For white men, the gap was even bigger: 67.5 years for the least educated white men compared with 80.4 for those with a college degree or better. "

http://www.nytimes.com/2012/09/21/us/ life-expectancy-for-less-educate d -whites-in-us-is-shrinking.html?pagewa nted=all&_r=0

If you're uneducated and therefore highly unlikely to be able to save for retirement, you're basically ensuring that you'll have to work until the minute you die in the harness, which I think is one of those things SS was trying to remedy in the first place.

20 Nov 2012 05:27 PM
Osomatic     
Full disclosure from Subby - I was thinking of this when I submitted the headline.

i1120.photobucket.comView Full Size


Sorry it's such a small image, I couldn't find a bigger one, and attempts to blow this one up went... poorly. Anyway, up there in the left corner it says Our Motto: Get back to work, you. So yes, I more or less stole the joke from Matt Groening.

Whew, is my conscience clear now.

20 Nov 2012 05:28 PM
Lionel Mandrake    [TotalFark]  

Diogenes: 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

I'm retiring in 5 years and no one told me?


Apparently the average American goes to work at 40 and lives to be 95.

who knew?

20 Nov 2012 05:29 PM
Diogenes    [TotalFark]  

Lionel Mandrake: Diogenes: 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

I'm retiring in 5 years and no one told me?

Apparently the average American goes to work at 40 and lives to be 95.

who knew?


I'm all for privatization of Social Security. One two conditions:

1) I get all my contributions to date refunded, with interest.

2) I get to chose with whom I invest that money (no "government-approved funds only" bullshiat).

I think that's only fair, and is truly privatized.

20 Nov 2012 05:39 PM
Nickster79    [TotalFark]  
Where's Smithers?

20 Nov 2012 05:43 PM
BarkingUnicorn     
Wonder what would happen if we let people retire whenever they wish and limit Social Security to X years.

20 Nov 2012 06:08 PM
doyner    [TotalFark]  

BarkingUnicorn: Wonder what would happen if we let people retire whenever they wish and limit Social Security to X years.


Destitute octogenarians.

20 Nov 2012 06:09 PM
Nickster79    [TotalFark]  

BarkingUnicorn: Wonder what would happen if we let people retire whenever they wish and limit Social Security to X years.


A lot more suicides

20 Nov 2012 06:10 PM
nvmac     

Lionel Mandrake: On one hand, this guy's a total prick; on the other hand,I don't think adjusting the retirement age is such a bad idea.

But listening to an arrogant bajillionaire complain is always grating.


And, we're all done here.

20 Nov 2012 06:28 PM
timujin    [TotalFark]  
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. ...

Math like that explains the problems at Goldman Sachs.

20 Nov 2012 06:30 PM
Walker    [TotalFark]  

Mentat: Maybe we should lower the minimum work age to 5. That coal isn't going to mine itself.


Newt Gingrich likes this comment

20 Nov 2012 06:48 PM
edmo    [TotalFark]  
So he's saying business will stop trying to unload older workers, not to mention hire them?

20 Nov 2012 06:51 PM
WorldCitizen     

timujin: 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. ...

Math like that explains the problems at Goldman Sachs.


Very much this. What the hell is he smoking?

20 Nov 2012 07:00 PM
vpb    [TotalFark]  
I don't think the idea is so much "get back to work", I think it's more fark off and DIAF..

20 Nov 2012 07:07 PM
thomps     

Weaver95: 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.

obviously, this man is in desperate need of a tax cut.


blankfein actually has argued that the rich should pay higher taxes in order to avoid the fiscal cliff. i don't think he was being a prick here, just giving an honest answer to a tough question.

20 Nov 2012 07:38 PM
L.D. Ablo    [TotalFark]  
Fark you, Blankfein.

It's not like I'm asking for something I haven't already paid for.

I started working at Burger King when I was 15. I'm 40 now and will probably work until I'm 65.

That will be paying into the system for 50 years. If I make it to the average age of 81 or 82, I'll have put a lot more in than I'll get out.

Again, fark you, Blankfein.

20 Nov 2012 07:51 PM
DrZiffle     
So life expectancy is up to 95 now?

20 Nov 2012 07:59 PM
TheDirtyNacho    [TotalFark]  

Diogenes: Lionel Mandrake: Diogenes: 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

I'm retiring in 5 years and no one told me?

Apparently the average American goes to work at 40 and lives to be 95.

who knew?

I'm all for privatization of Social Security. One two conditions:

1) I get all my contributions to date refunded, with interest.

2) I get to chose with whom I invest that money (no "government-approved funds only" bullshiat).

I think that's only fair, and is truly privatized.



What happens when you make a bad bet and lose most of it? Will you expect to be put out in the cold to freeze to death once you're unable to work and out of money? This used to be common practice among northern natives...

Do you expect everyone else to go along with this? 401k's are a bad enough plague on the general population's retirement, privatizing SS is even more nuts.

20 Nov 2012 08:03 PM
jgk3     
unyon

Smartest
Funniest
2012-11-20 05:01:35 PM
He's right. The 65 year retirement age was implemented when average life expectancy was... 69. It seems reasonable that the age move up, in a methodical way, allowing approaching retirees to adjust to the new reality.

Nothing is stopping anyone from putting away bank and retiring whenever you want. For many people, not being able to work past 65 is what will condemn them to a retirement of poverty.


Actually the average life expectancy when SS was implemented with an effective age of 65 was 61.7 years. In other words, Roosevelt's plan was for most workers to pay into the program and die before they collected anything--that's what made it actuarially sound. The equivalent today would be for the retirement age and SS effective age of about 82. Since that's simply not practical for most jobs, the program will need considerable subsidies by the time most of us on FARK retire.

20 Nov 2012 08:05 PM
Matrix Flavored Wasabi     

unyon: He's right. The 65 year retirement age was implemented when average life expectancy was... 69. It seems reasonable that the age move up, in a methodical way, allowing approaching retirees to adjust to the new reality.

Nothing is stopping anyone from putting away bank and retiring whenever you want. For many people, not being able to work past 65 is what will condemn them to a retirement of poverty.


Life expectancy doesn't work that way.

20 Nov 2012 08:08 PM
Arumat     
I hate to say it, but I agree with Aerosmith on something.

Link

20 Nov 2012 08:08 PM
Wittenberg Dropout     
He's doing it wrong. Entitlements are for Conservative voting Seniors.

20 Nov 2012 08:09 PM
Godscrack     
mgsonline.blogs.comView Full Size

20 Nov 2012 08:09 PM
Nick Nostril     
Some of what he says is probably true but I still hope Blankfein contracts cancer of the cock.

/ should be in prison

20 Nov 2012 08:09 PM
hbk72777     
"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."

Oh, he's talking about leeches like Postal employees and government ditch diggers. I have no problem there

20 Nov 2012 08:09 PM
Nem Wan     

20 Nov 2012 08:10 PM
Silly Jesus     
This is now the libtard relationship with the evil rich....

static.someecards.comView Full Size


Even when they point out basic math and obvious facts, they are evil.

Cry moar, poors.

20 Nov 2012 08:10 PM
super_grass     
ITT: Farkers take a break from complaining about how baby boomers is leeching off everyone else and defend their right to retire at an age where many are still healthy and productive members of society.

Needless to say, we take a wide stance on the issue: it depends on who's making the statement.

20 Nov 2012 08:13 PM
Paktu     

Diogenes: Lionel Mandrake: Diogenes: 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

I'm retiring in 5 years and no one told me?

Apparently the average American goes to work at 40 and lives to be 95.

who knew?

I'm all for privatization of Social Security. One two conditions:

1) I get all my contributions to date refunded, with interest.

2) I get to chose with whom I invest that money (no "government-approved funds only" bullshiat).

I think that's only fair, and is truly privatized.


So when you put all your money in the next Enron or AIG, what happens then? I'm gonna go out on a limb and say you'll whine and scream and expect the government to pay for your retirement anyway.

Unless we as a society are willing to let old people starve to death because they made bad investments, your idea will never work.

20 Nov 2012 08:15 PM
AliceBToklasLives     

edmo: hire them


They will unload them and then rehire them at 1/3 their previous salary.

20 Nov 2012 08:16 PM
trotsky     
Oh, hey, look a rich asshole who doesn't have to worry about paying for things who's complaining about people who do.

This shiat can go fark himself.

20 Nov 2012 08:16 PM
MemeSlave     
No, the problem is that old people need to die, and poor people need to stop farking. We've had enormous technological improvements, but are still breeding like rabbits and living too long. Things were great in the halcyon 50s and 60s because old people died and left their assets to the next generation, and there weren't so many stupid white trash breeding like rabbits. Then came the Great Society, and the game where nobody loses (sort of the 4th Edition D&D of the Real World) and now we're all saddled with their stupid choices.

20 Nov 2012 08:17 PM
Ed Willy     

Lionel Mandrake: Apparently the average American goes to work at 40 and lives to be 95.

who knew?


That system might work in Greece, but it sure doesn't work in America.

20 Nov 2012 08:18 PM
super_grass     

trotsky: Oh, hey, look a rich asshole who doesn't have to worry about paying for things who's complaining about people who do.

This shiat can go fark himself.


It's like you're trying to not get the point.

20 Nov 2012 08:20 PM
X-boxershorts    [TotalFark]  

Lionel Mandrake: On one hand, this guy's a total prick; on the other hand,I don't think adjusting the retirement age is such a bad idea.

But listening to an arrogant bajillionaire complain is always grating.


When is the last time the maximum income contribution level was indexed for inflation?

There's no rational reason to increase the retirement age of SS before adjusting the maximum contributing income level relative to inflation.

20 Nov 2012 08:22 PM
ghare     
fark this asshole. The retirement age WAS raised, back in the 80s, because it ain't like people just noticed the baby boomers.Stop raiding SS and Medicare, fark, LOWER it. Get old people out of the workforce, get new ones in.

20 Nov 2012 08:23 PM
X-boxershorts    [TotalFark]  

ghare: fark this asshole. The retirement age WAS raised, back in the 80s, because it ain't like people just noticed the baby boomers.Stop raiding SS and Medicare, fark, LOWER it. Get old people out of the workforce, get new ones in.


I'm ok with this.

Now...get the fark off my lawn

20 Nov 2012 08:24 PM
Ehh     
Spoken like a man who needs to be re-educated. In a camp.

20 Nov 2012 08:25 PM
Mugato    [TotalFark]  
Choose a career that you love and you don't have to think about retiring.

/spending one's life obsessed with retirement would be a shiatty life

20 Nov 2012 08:25 PM
super_grass     

ghare: fark this asshole. The retirement age WAS raised, back in the 80s, because it ain't like people just noticed the baby boomers.Stop raiding SS and Medicare, fark, LOWER it. Get old people out of the workforce, get new ones in.


Then you'd have people complaining about how grandpa lost his job, and how the company was evil for replacing him with some young hire who cost half as much.

Now you just have another burden on society.

20 Nov 2012 08:25 PM
ghare     

Silly Jesus: This is now the libtard relationship with the evil rich....

[static.someecards.com image 420x294]

Even when they point out basic math and obvious facts, they are evil.

Cry moar, poors.


Says the Internet Rich Guy. Listen, Rafalca still isn't going to sleep with you.

20 Nov 2012 08:26 PM
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