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  • 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.
  • 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.
  • 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.
  • Maybe we should lower the minimum work age to 5. That coal isn't going to mine itself.
  • He looks young and spritely.

    We'll eat him first.
  • Ambivalence: He looks young and spritely.

    We'll eat him first.


    Does he have a nice butt?

    sharetv.orgView Full Size
  • Are there no prisons? And the Union workhouses? Are they still in operation?
  • 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?
  • 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.
  • 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.
  • 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.
  • 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?
  • 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.
  • Wonder what would happen if we let people retire whenever they wish and limit Social Security to X years.
  • BarkingUnicorn: Wonder what would happen if we let people retire whenever they wish and limit Social Security to X years.


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


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


    Newt Gingrich likes this comment
  • So he's saying business will stop trying to unload older workers, not to mention hire them?
  • 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?
  • I don't think the idea is so much "get back to work", I think it's more fark off and DIAF..
  • 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.
  • 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.
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