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(Think Progress)   Rich Wall Street CEO to old people: "Get back to work, you"   (thinkprogress.org) divider line 104
    More: Dumbass, Wall Street, Scott Pelley, Lloyd Blankfein  
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11895 clicks; posted to Main » on 20 Nov 2012 at 7:56 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
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Archived thread
2012-11-20 06:30:39 PM  
9 votes:
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.
2012-11-20 07:51:20 PM  
8 votes:
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.
2012-11-20 05:27:22 PM  
8 votes:

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?pagewanted=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.
2012-11-20 05:01:35 PM  
7 votes:
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.
2012-11-20 08:22:53 PM  
6 votes:

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.
2012-11-20 06:51:56 PM  
5 votes:
So he's saying business will stop trying to unload older workers, not to mention hire them?
2012-11-20 06:09:42 PM  
5 votes:

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


Destitute octogenarians.
2012-11-20 05:39:39 PM  
5 votes:

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.
2012-11-20 05:03:59 PM  
5 votes:
Maybe we should lower the minimum work age to 5. That coal isn't going to mine itself.
2012-11-20 04:57:59 PM  
5 votes:
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.
2012-11-20 08:30:51 PM  
4 votes:
Whenever I hear of someone raising the retirement age, I always got to wonder, will they make a distinction between types of jobs? Jobs that involve brutal, backbreaking labor (coal mining, oil drilling) are going to take a bigger toll on the body than the job of your average cubicle jockey.
2012-11-20 08:23:49 PM  
4 votes:
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.
2012-11-20 08:16:40 PM  
4 votes:
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.
2012-11-20 08:09:24 PM  
4 votes:
mgsonline.blogs.com
2012-11-20 06:10:31 PM  
4 votes:

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


A lot more suicides
2012-11-20 09:16:37 PM  
3 votes:

Debeo Summa Credo: He's right. a kleptocrat


Do you know why there's 2.5 trillion dollars worth of IOUs in the SS Trust Fund?

Because 35 years of tax cuts left gaping holes in budgets that could only be paid by borrowing from SS

I have this comment for Blankfein...
farking pay me back you assholes.
2012-11-20 08:31:03 PM  
3 votes:
This guy doesn't appreciate the problem. I have no complaint about my retirement. I'm getting a little change from SS, I have accumulated some property, I'm fine. And I AM bored, and piddling around doing handyman jobs and shiat isn't essential - and I'd be happy to re-enter the workplace. But who in their right mind would hire me? Sure, I know my shiat and can do the job - for the 3 years I'll be working. Why the f**k would anybody bother to integrate me into their framework for that brief reward? And anyway - aren't there like a million kids that just got out of college who NEED F**KING JOBS?
Screw you, ass-face poopy-head man.
2012-11-20 07:59:17 PM  
3 votes:
So life expectancy is up to 95 now?
2012-11-20 05:12:30 PM  
3 votes:
Are there no prisons? And the Union workhouses? Are they still in operation?
2012-11-20 05:04:14 PM  
3 votes:
He looks young and spritely.

We'll eat him first.
2012-11-20 05:00:19 PM  
3 votes:
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.
2012-11-21 10:25:03 AM  
2 votes:

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.


This overpopulation/idiocracy bullshiat needs to stop. US birth rate has been at or below replacement level since 1972. Immigration is why our population keeps growing. Life expectancy has gone from 69 in 1960 to 78 in 2012. Old people aren't living that much longer, and actually, less educated populations are living shorter lives than they were a few decades ago.

The real problem compared to the 50s and 60s is that nobody has any wealth to leave to their children - it's all been hoarded by the 1%ers. When your granddad died in 1960, he'd been living on a company pension or social security or both since the troops came back from the war, so he didn't need to reverse mortgage his house or spend down his assets to qualify for Medicaid. People used to be able to live off of Social Security in their old age back in the day, so they didn't need to spend their kids' inheritance on nursing homes and prescription drugs. Medical costs for heart attacks, especially, are insane - $18K on average per hospitalization for geriatric patients, and the more drugs/nurses/procedures necessary, the more the cost goes up. And why are heart conditions so expensive and prevalent? Because of the obesity epidemic triggered by high fructose corn syrup subsidies, which began in the 70s. Your hypothetical dead grandad in1960 never drank Pepsi or ate sald dressing with HFCS - which is why he didn't get fat and have a bypass in his 60s.

If you want to know why old people are working longer and not leaving assets to their children, it's simple. The rich bastards on Wall Street looted their pensions, elected Republicans who don't care about the social safety net, and have jacked up healthcare costs beyond belief. Now they're demanding that old people continue to bow to their corporate masters - work until you're too broken down to live on your own, go directly to a nursing home/hospital, and waste all your money on costs that flow directly to the 1%. If we want to make social security work better than it already does then we need to lower the retirement age, not increase it. We need to raise the cap for donations or remove it entirely, get a national healthcare plan that takes the burden of insurance off of employers, and cut out insurance middlemen who do nothing but take money from the poor and funnel it to the rich. Pay doctors, not actuaries, when you need healthcare, and pay researchers, not patent attorneys, when you need drug innovation. Reverse some of the wealth inequality between the looters and the makers and you'll see a return to the halcyon days of the '50s and 60s you're so enamored of.
2012-11-21 04:48:34 AM  
2 votes:
Fark me to death. I know it's deep in the thread and nobody will see this, but I have to rant anyway.
THE SOCIAL SECURITY CRISIS IS A FILTHY LIE.

a) Life expectancy of 18 year olds has not risen by much more than 5 years since SS started.
b) The retirement age has already risen to 67 for anyone under 53
c) The SS trust fund is not "full of IOU's". It is is fully invested in the #1 safe investment vehicle in the world: T-bills. This practice keeps the money safe, as well as keeps the percentage of foreign debt holders down.
d) SS only has an income cap because it has a maximum payout. Upper-middle class folks get the same SS benefit as Oprah. If you want to argue that Oprah doesn't need SS, that's your right, but don't act like she's fleecing the system.
e) SS has already had its demographic problem fixed in the 1980's. Our current problem is that real wages have gone down the crapper, and unemployment is too high.
f) If you want to fix SS, there are two simple solutions. Pick one, or both.
1. Allow more immigrants to work legally and pay taxes
2. Raise wages
2012-11-20 10:10:56 PM  
2 votes:
Meanwhile, dicks like this guy get paid hundreds of millions of dollars. Where the fark do you think that money comes from people?? It comes out of our pockets in fees and interest, any way a bank can fark with you.

Billions of dollars are siphoned from the economy by these people.
2012-11-20 10:10:47 PM  
2 votes:

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.


Farkers complain about Grandma setting up a system that tells kids to go to college then to DIAF once they get out and are broke with no jobs, while Grandma waves on her way to her own job in a Hummer.

Farkers also think Grandma, despite being an ass, not only has the right to retire, but the people saying that we can't afford it are lying\idiots.

The two are not mutually exclusive. It's called 'not demonizing people'.
2012-11-20 10:06:52 PM  
2 votes:
retire older, start working younger, how many more people will need to be employed per year?

We have what is probably a Permanate unemployed class, unable to find jobs, so much so that people are migrating south of the border to find jobs.

a guy who makes millions a year thinks us unmillionairs should work more hours for less pay, and get less from our work.
2012-11-20 09:56:10 PM  
2 votes:

d23: Back To Work, Grandma
thinkprogress.org
I need that 3rd yacht!


The more I see that nasty little face of his face, the harder it is not to want to punch his lights out. The "man" is like a walking stereotype of all the Nazi propaganda about the "Eternal Jew".

ts4.mm.bing.net
2012-11-20 09:49:48 PM  
2 votes:

Surpheon: Cut SS benefits by 25% and it is stable for the forseeable future


Want to know how I know you or anyone you love isn't on Social Security retirement/disability?

There are people out there who are skipping meals in order to afford their rent or their medicine. For them, it is a daily Living Hell that reminds them during every waking moment of how barely tolerable their lives are.

And then some dirty evil little bald man, crashes the economy, blackmails the Government to pay up because he's "too big to fail", gives himself a HUGE bonus, and says that Grandma needs to live off of one quarter slice of bread each day instead of half a slice, the extravagant hag!

What is -25% below starvation, Surpheon?
2012-11-20 09:48:31 PM  
2 votes:
I worked 20 year commercial sheet metal (Local 66) before doing something different. My knees are shot as are my wrists, but I got out in time compared to some of the crumpled old timers I used to work with... not everybody sits at a desk.

Blankfein needs to be hit in the face with a well-thrown rivet hammer
2012-11-20 09:46:52 PM  
2 votes:
Live fast, die young, and leave a nice looking corpse. It's the Corporatist way!

/ Unless your daddy leaves you a buttload of money. Then Fark You. Got mine!
2012-11-20 09:42:15 PM  
2 votes:

jgk3: Since that's simply not practical for most jobs


That's an incredibly important point. Science has done one hell of a job over past several decades getting people TO old age, but has so far had little success in dealing with the physical and mental frailties that come with old age.

Back when the life expectancy was 60, those who died around 60 or beforehand died from things like untreated cancer and heart attacks and communicable disease, things that take a few months at most to transfer you from being able to work to the grave. But now that so many people are getting beyond those things to an age where things Alzheimer's and Parkinson's and Dementia and arthritis and osteoporosis and just general physical and mental decline take over, you can easily spend many years in a living but unable to work state, especially those jobs that are stressful on the mind or body.

I think around 70 is a good place for SS.. If you're much higher, you start getting on the right end of a Laffer Curve because so many people would just transfer to Disability SS because of natural decline and it would be unfair to the healthy and the low stress job people to have to keep working while all their counterparts in high stress situations or in normal decline get to retire.

If we ever make serious medical progress in keeping the vast majority of old people in a state fit to work, this whole post would obviously change.

And all we have to is raise the cap for a little while to get the boomers out of here and SS will be just fine.
2012-11-20 09:41:01 PM  
2 votes:

elchip: At least he is a genuine bootstrapper, rather than a silver spooner.

Blankfein was born in the Bronx borough of New York City to a Jewish family and reared in the Linden Houses, a New York City Housing Authority project in the East New York section of Brooklyn. His father was a clerk with the U.S. Postal Service branch in the Manhattan borough of New York City and his mother was a receptionist. As a boy, he worked as a concession vendor at Yankee Stadium. He received primary and secondary education in the public schools of the New York City Department of Education, and was the valedictorian at Thomas Jefferson High School in 1971. He attended Harvard College, where he lived in Winthrop House, and earned his A.B. in 1975. In 1978, Blankfein received a J.D. degree from Harvard Law School.


It doesn't make him any less of an asshole. It's someone who has forgotten his working-class roots demanding that blue collar and white people have the same retirement age, regardless of the nature of the work. Someone working in an air-conditioned office all day has a lot of nerve to say that people who actually work for a living have to suck it up until they're in their 70s.
2012-11-20 09:37:37 PM  
2 votes:

pxlboy: X-boxershorts: ajgeek: What the hell is "Social Security?" Oh right, the mandatory retirement program from which I'll never get to benefit. Hey, does anyone know where that "opt out" thing is that ol' Dubya was talking about? Cylindrical filing cabinet you say? Ah...

You should instead demand hat the 1% pay the god damned 2.5 trillion in IOUs

Good luck with that one. I'm 36 and I probably won't get to retire unless I just off myself at 65 or 70.


How do ya think I feel. 53 and been contributing for as long as you've been alive.

I'm at "that age" that the cutoff for means testing and retirement age increases will effectively screw me out of 50-70 thousand dollars.

DEMAND THEY PAY THE GOD DAMNED IOUs

Oh, and index the max cap on contributing income to inflation for the first time since 86
2012-11-20 09:36:24 PM  
2 votes:

unyon:

Nothing is stopping anyone from putting away bank and retiring whenever you want.


True..but, working a job for 36 grand a year with a house/rent payment and bills and a family with a car and gas and needing clothes and food and stuff and then getting to payday with only $11 left and then saving only $2 is going to slow this process down a bit.

/an excuse is just a sh*tty reason.
2012-11-20 09:35:36 PM  
2 votes:
We need workers to retire to make room for new workers. Not thrilled with 72 y/o nuclear power plant workers and no one on deck to take their place. Extrapolate into all areas of technical expertise. We dont HAVE to have a sophisticated society thats always on the brink of disaster.

Dumbass! 

/ Just a thought. What if moving forward we discover that there will always be more people than jobs. Maybe a new economic model would be in order. One that would have no room Multi Billionaire CEO's that add no value to... well anything.
2012-11-20 09:35:02 PM  
2 votes:
Has anyone considered cutting 'defense' spending?
2012-11-20 09:24:46 PM  
2 votes:

Surpheon: Only if you're very stupid. Cut SS benefits by 25% and it is stable for the forseeable future (we're talking over 50 years). That's math as obvious as 2+2=4.


Are you aware of the fact that some people's benefits are in the neighborhood of $600, 700, 800 per month? A 25% cut would drive them into dumpster diving for dog food. That is, unless you're talking about cuts for people with bigger benefits.
2012-11-20 09:18:55 PM  
2 votes:

X-boxershorts: Debeo Summa Credo: He's right. a kleptocrat

Do you know why there's 2.5 trillion dollars worth of IOUs in the SS Trust Fund?

Because 35 years of tax cuts left gaping holes in budgets that could only be paid by borrowing from SS

I have this comment for Blankfein...
farking pay me back you assholes.


Isn't it funny how when people say SS is not stable, or not funded properly, or this that or the other thing, the conveniently forget about those IOUs ?

/Fiscal responsibility... how does it work?
2012-11-20 09:17:24 PM  
2 votes:

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.


Actually, if you read that Salon article that was linked above, you'll see that 62 year life expectancy includes a ton of deaths from childhood illnesses - people who neither pay into nor collect from SS and so are irrelevant. Reducing childhood deaths is the source of most of our life expectancy gains.
2012-11-20 09:15:35 PM  
2 votes:
Not everybody has your retirement plan, Lloyd.

dailybail.com
2012-11-20 09:02:56 PM  
2 votes:

MemeSlave: but are still breeding like rabbits


Cute line, but it is not true if you're talking about the US (the scope of a discussion on US Social Security). The US birth rate dropped below replacement level about half a decade ago. There is the phenomenon of population momentum (basically life expectancy increases continue to increase population for a while), but the home born US population is on a shrinking trajectory.

http://www.lifesitenews.com/news/archive//ldn/2010/apr/10040802
2012-11-20 09:01:25 PM  
2 votes:

Testiclaw: Because only a handful of years should be spent enjoying the world without slaving away at a job.


That's college, right?

Just what we need. A finite number of jobs, being fought over by even more people. Companies are reluctant to hire ages 55 and up now, how will they handle 70 year olds applying? Will technology advancement slow, because 68 year olds aren't as familiar with tech - the savvy, computer literate 68 year old is few and far between, and they probably had a grasp of computers since their 40s (i.e. they know more than Facebook for their grandkids' pictures). What will this do for the younger generations.

Maybe we should restructure work expectations. For instance, work physical labor until 40, then desk jobs from 41-retirement.

Wonder what the world will look like when parts of your work force have active dementia, or Alzheimer's.

/my retirement age is 73 - I'll probably die at my desk
2012-11-20 08:43:37 PM  
2 votes:

Zeb Hesselgresser: Means testing. Nothing. Else. Will. Save. It.


Means testing will save very little money - there aren't that many rich people and SS already has a low maximum benefit. Means testing will also make SS more demonizable since not everyone will receive benefits.
2012-11-20 08:28:54 PM  
2 votes:
"Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career."
as someone who's looking at another 41 years until retirement I'd like to know where this number came from?
2012-11-20 08:27:54 PM  
2 votes:

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.


How is letting Grandpa take retirement early making him lose his job?
2012-11-20 08:26:18 PM  
2 votes:

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.
2012-11-20 08:17:12 PM  
2 votes:
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.
2012-11-20 08:15:48 PM  
2 votes:

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.
2012-11-20 08:10:54 PM  
2 votes:
This is now the libtard relationship with the evil rich....

static.someecards.com

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

Cry moar, poors.
2012-11-20 08:09:40 PM  
2 votes:
Some of what he says is probably true but I still hope Blankfein contracts cancer of the cock.

/ should be in prison
2012-11-20 08:03:46 PM  
2 votes:

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.
2012-11-20 07:38:54 PM  
2 votes:

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.
vpb [TotalFark]
2012-11-20 07:07:14 PM  
2 votes:
I don't think the idea is so much "get back to work", I think it's more fark off and DIAF..
2012-11-20 07:00:34 PM  
2 votes:

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?
2012-11-20 05:25:00 PM  
2 votes:

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.
2012-11-21 07:07:58 AM  
1 votes:

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?


It's more like a twenty year retirement after a forty year career but whatever..
2012-11-21 03:48:21 AM  
1 votes:

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


I also started at 15 (pizza). And I've been paying into this shiat for the last 23 years. I don't believe I have the liver or sanity to withstand working past 65, unless it's something I enjoy and can do with my head - not my body. Fark this guy.
2012-11-21 02:14:06 AM  
1 votes:

Diogenes: 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.


The problem with self-investment is that while it sounds really good, the reality is that all but the best/luckiest investors are going to screw up sometime in a lifetime as there are so many industries, companies, economies that cycle through dramatic booms and busts. that it becomes increasingly unlikely to get it right through the entire period. You're kidding yourself if you believe you'll get it right decade after decade -- even fund managers with long streaks often lose their mojo eventually.

To put it another way, it is entirely unreasonable to expect everyone to be experts in investment.in order to secure retirement. And as mentioned by others above, self-directed systems doubly screw the least capable in our society (they accumulate less money in the first place and then are most likely to lose it all).

Retirement safety net (i.e. the entitlement part people are complaining about) needs to be more of a savings rather than investment.
2012-11-21 12:39:30 AM  
1 votes:
What is confusing to me is how people deal with discussions about this. They automatically label any response as "Liberal" or "Conservative" and then go on to mock the ideology they assume is behind any particular proposed solution. The problem is clearly that Social Security is costing more money than it is taking in. There are two ways to solve that. Take in more money, or put less money out. Then you have to decide how to do that.
2012-11-20 11:33:24 PM  
1 votes:
img853.imageshack.us
2012-11-20 11:05:44 PM  
1 votes:

Surpheon: Bullshiat.


Again, neither you or anyone you love is on Social Security Retirement or Disability. I've had to help a relative struggle for years to get the SSI that he so overwhelmingly needed. I probably know more about how things work in the program than the gum-popping imbeciles who work at the Soc. Sec, offices.
2012-11-20 11:04:46 PM  
1 votes:

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.


Sigh. The average life expectancy from birth went up because less children die from preventable childhood diseases and fewer adults die in accidents, bot because old people are dying that much later.

I for one am really bothered that people can't wrap their heads around simple demographics. And that social security is completely solvent and all Lloyd Blankfein cares about is diverting working peoples social security taxes into his pocket.
2012-11-20 11:00:36 PM  
1 votes:

TV's Vinnie: And it instantly goes from being a universal program to just another form of welfare.


Bullshiat. Everyone pays in, everyone gets the same level of poverty insurance. Insurance is a product with value even if you don't use it. Sure it's not simple to work out the means testing and things like home exemptions will make it squishy, but it is a perfectly reasonable move. If a millionaire loses all his money on a bad business bet, or even marrying a gold digger who absconds with all his money, SS will be there to make sure he's not blocking sidewalks with his cardboard box.
2012-11-20 10:18:40 PM  
1 votes:

Surpheon: Duck_of_Doom: A finite number of jobs, being fought over by even more people.

Or, you know, people could work less - more leisure time, share the jobs, enjoy life. Isn't it odd how a world where 99% of the shiat work is done by robots is seen as a horrific hell hole rather than the reality of being closer to utopia? Of course, it's blasphemy to suggest that everyone benefit from the incredible wealth produced in such a world rather than literally just a few dozen lucky sods who own the robots.


This, this, and this. The US Senate passed a 30-hour-workweek bill. EIGHTY YEARS AGO (it stalled in the House). Nixon campaigned on the 30-hour week back in the 50s. Whatever became of progress?

As for Blankfein's suggestion, the problem is that NOBODY WANTS TO HIRE 65+ YEAR OLDS. Over 50% of people who turn 62 this year (born in 1950) will take early Social Security benefits the day they turn 62, despite getting diminished payouts, because they don't have work. The magical age is 59. If you lose a job at 59, you have a 50/50 chance of ever working another full-time day again. Older than that, it's worse.

And guess what? Any company who tried to hire 60-somethings out of a sense of civic duty?? The 23-year-old cocaine-junkie analysts at Goldman Sachs, Blankfein's people, would say "short the motherfarkers, they could be more efficient if they fire the old farts". Talks out of both sides of his mouth on that one.
2012-11-20 10:11:46 PM  
1 votes:
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.

/Don't worry,we already know that yourself and people like you who have millions of dollars and a golden umbrella are trying their best to fark the little guy out of a peaceful retirement. Why not..it would make you more money, because god knows, being a multi-millionare isn't enough.
2012-11-20 10:09:26 PM  
1 votes:

X-boxershorts: pxlboy: X-boxershorts: ajgeek: What the hell is "Social Security?" Oh right, the mandatory retirement program from which I'll never get to benefit. Hey, does anyone know where that "opt out" thing is that ol' Dubya was talking about? Cylindrical filing cabinet you say? Ah...

You should instead demand hat the 1% pay the god damned 2.5 trillion in IOUs

Good luck with that one. I'm 36 and I probably won't get to retire unless I just off myself at 65 or 70.

How do ya think I feel. 53 and been contributing for as long as you've been alive.

I'm at "that age" that the cutoff for means testing and retirement age increases will effectively screw me out of 50-70 thousand dollars.

DEMAND THEY PAY THE GOD DAMNED IOUs

Oh, and index the max cap on contributing income to inflation for the first time since 86


Yeah, imagine being younger and expecting to see zero of that SS. That is a farkload more than 50-70 thousand.
2012-11-20 10:02:55 PM  
1 votes:

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.


Yes because the basic math and obvious facts he pointed out was that people work for 25 years and then retire for 30. That's some sound math, and you're a really smart person with a good argument.

The problem with Republicans is that they can't do math, or even argue effectively. Every Republican argument I've heard in the last four years boils down this simple playground chant, "I'm rubber, you're glue whatever you say bounces off of me and sticks on you."
2012-11-20 09:59:40 PM  
1 votes:

signaljammer: Closing up the DEA would free up $2.5 billion/annum.


Don't forget the TSA. The DHS seems to encompass a lot of redundancy.
2012-11-20 09:58:19 PM  
1 votes:

birdboy2000: It's amazing that a man who should be serving a life sentence for economy-crashing fraud is able to have a real input on government policy.

Were the bailouts necessary? Maybe. But there's no excuse for the lack of trials and jail time. We're letting the crooks keep running the economy after they already blew the thing up.


Doesn't that just burn your ass? Knowing that the crooks are running the prison while they have the warden by the balls?

And we have is impotent rage knowing that all those assholes committed fraud on a titanic scale and were subsequently rewarded with sums greater than most people will ever see in a lifetime?

The French had it right. I think a few heads will have to roll to get this country back on track.
2012-11-20 09:56:00 PM  
1 votes:
It's amazing that a man who should be serving a life sentence for economy-crashing fraud is able to have a real input on government policy.

Were the bailouts necessary? Maybe. But there's no excuse for the lack of trials and jail time. We're letting the crooks keep running the economy after they already blew the thing up.
2012-11-20 09:52:56 PM  
1 votes:

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

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

Cry moar, poors.

Yeah, you're a troll, and a waste of one, at that. "Poors"? Wow, big daddy Warbucks, I bet you impress everyone in the Internet these days.

Something tells me that you're still in your 20's, driving an old 'n busted '82 Celica, hanging out with a couple of friends at the gas station each weekend and talking about how you're each going to get out of the shiattown that you live in now, but 0bama is holding you down...

But please, go on about the poors.....

You sound like one of the poors.

You sound like you are reminding me why I have you farkied as "Confirmed Troll: Disingenuous Moron who hates the poor"

Always reassuring when the trolls go to their old standby acts.


What scares me is that at some point in time, he said something I agreed with, causing me to favorite him (i didn't put a note as to what) Ever since then, everything I see him say is utter garbage...

/i must've been buzzed, or maybe just liked the handle because of family guy
d23 [TotalFark]
2012-11-20 09:47:35 PM  
1 votes:

Back To Work, Grandma

thinkprogress.org

I need that 3rd yacht!
2012-11-20 09:41:11 PM  
1 votes:

Zeb Hesselgresser: Means testing. Nothing. Else. Will. Save. It.


Raising the cap would help a lot.
2012-11-20 09:40:55 PM  
1 votes:
Goldman Sachs CEO Lloyd Blankfein needs to get a real job. Something that involves a bucket and a mop.
2012-11-20 09:38:29 PM  
1 votes:

busy chillin': unyon:

Nothing is stopping anyone from putting away bank and retiring whenever you want.

True..but, working a job for 36 grand a year with a house/rent payment and bills and a family with a car and gas and needing clothes and food and stuff and then getting to payday with only $11 left and then saving only $2 is going to slow this process down a bit.

/an excuse is just a sh*tty reason.


And paying people just enough to live, but not enough to live *and* put money away seems to be common practice. If you don't make enough to save any extra, hope you die early.
2012-11-20 09:33:43 PM  
1 votes:

X-boxershorts: ajgeek: What the hell is "Social Security?" Oh right, the mandatory retirement program from which I'll never get to benefit. Hey, does anyone know where that "opt out" thing is that ol' Dubya was talking about? Cylindrical filing cabinet you say? Ah...

You should instead demand hat the 1% pay the god damned 2.5 trillion in IOUs


Good luck with that one. I'm 36 and I probably won't get to retire unless I just off myself at 65 or 70.
2012-11-20 09:32:05 PM  
1 votes:

ajgeek: What the hell is "Social Security?" Oh right, the mandatory retirement program from which I'll never get to benefit. Hey, does anyone know where that "opt out" thing is that ol' Dubya was talking about? Cylindrical filing cabinet you say? Ah...


You should instead demand hat the 1% pay the god damned 2.5 trillion in IOUs
2012-11-20 09:26:06 PM  
1 votes:

Surpheon: squeedle: The retirement age will need to be increased or else Social Security will go away. It's pretty obvious.

Only if you're very stupid. Cut SS benefits by 25% and it is stable for the forseeable future (we're talking over 50 years). That's math as obvious as 2+2=4.


Or, remove the cap on contributions, raising it to $1M per year. To pricks like Blankfein that's little more than highway robbery but fark him.
2012-11-20 09:17:36 PM  
1 votes:

Surpheon: Or, you know, people could work less - more leisure time, share the jobs, enjoy life. Isn't it odd how a world where 99% of the shiat work is done by robots is seen as a horrific hell hole rather than the reality of being closer to utopia?


A wonderful, if fanciful notion. Cutting work hours, for an hourly worker, means cutting wages. I'm forseeing a future where everyone in lower tax brackets works multiple part-time jobs. No need for a company to offer benefits, as the workforce is part-time. You can go from one job right to the next, and you would end up working more than 40 hours a week. The added psychological benefit is what you said - the illusion of working less. Why become something white collar, with the horrible hours?

Of course, it's blasphemy to suggest that everyone benefit from the incredible wealth produced in such a world rather than literally just a few dozen lucky sods who own the robots.

You sound like a social person, if you know what I mean.

/agree with you
2012-11-20 09:15:25 PM  
1 votes:

Surpheon: Duck_of_Doom: A finite number of jobs, being fought over by even more people.

Or, you know, people could work less - more leisure time, share the jobs, enjoy life. Isn't it odd how a world where 99% of the shiat work is done by robots is seen as a horrific hell hole rather than the reality of being closer to utopia? Of course, it's blasphemy to suggest that everyone benefit from the incredible wealth produced in such a world rather than literally just a few dozen lucky sods who own the robots.


4 4 40

Four hours a day/four days a week/40 weeks a year.

Fark being alive on this planet and spending the entire time punching the clock for some arbitrary occupation.
2012-11-20 09:10:55 PM  
1 votes:

Debeo Summa Credo: He's right

out of his gourd.

/FTFY
2012-11-20 09:06:49 PM  
1 votes:

Duck_of_Doom: A finite number of jobs, being fought over by even more people.


Or, you know, people could work less - more leisure time, share the jobs, enjoy life. Isn't it odd how a world where 99% of the shiat work is done by robots is seen as a horrific hell hole rather than the reality of being closer to utopia? Of course, it's blasphemy to suggest that everyone benefit from the incredible wealth produced in such a world rather than literally just a few dozen lucky sods who own the robots.
2012-11-20 09:04:49 PM  
1 votes:
Why is it that after I read articles like this I get the urge to play a FPS as a sniper?

/impotent first world rage.
2012-11-20 09:03:20 PM  
1 votes:

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

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

Cry moar, poors.

Yeah, you're a troll, and a waste of one, at that. "Poors"? Wow, big daddy Warbucks, I bet you impress everyone in the Internet these days.

Something tells me that you're still in your 20's, driving an old 'n busted '82 Celica, hanging out with a couple of friends at the gas station each weekend and talking about how you're each going to get out of the shiattown that you live in now, but 0bama is holding you down...

But please, go on about the poors.....

You sound like one of the poors.

You sound like you are reminding me why I have you farkied as "Confirmed Troll: Disingenuous Moron who hates the poor"

Always reassuring when the trolls go to their old standby acts.

Your face is like a butt.


Wait....who's the middle schooler, again?
2012-11-20 09:02:23 PM  
1 votes:

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.


And then we get to watch the people in large age cohorts all wonder why their investments are tanking just when they need to draw then out. It's almost like selling to get your cash out forces prices down.
kab
2012-11-20 09:01:14 PM  
1 votes:
What's your retirement package look like, Blankfein?

That's what I thought. Choke yourself.
2012-11-20 09:00:08 PM  
1 votes:
People like this guy make me glad that Man is a mortal creature. Because that means sooner later, Lloyd BALD FIEND will one day become worm food.

And on that day, he better pray that he gets buried under tons of concrete and rubble a la Pullman.
2012-11-20 08:56:56 PM  
1 votes:

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

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

Cry moar, poors.

Yeah, you're a troll, and a waste of one, at that. "Poors"? Wow, big daddy Warbucks, I bet you impress everyone in the Internet these days.

Something tells me that you're still in your 20's, driving an old 'n busted '82 Celica, hanging out with a couple of friends at the gas station each weekend and talking about how you're each going to get out of the shiattown that you live in now, but 0bama is holding you down...

But please, go on about the poors.....

You sound like one of the poors.


You sound like you are reminding me why I have you farkied as "Confirmed Troll: Disingenuous Moron who hates the poor"

Always reassuring when the trolls go to their old standby acts.
2012-11-20 08:55:06 PM  
1 votes:

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?


To be fair, the young people who are graduating today may be 40 before they are able to find a job and move out of their parents' house.
2012-11-20 08:51:16 PM  
1 votes:

HindiDiscoMonster: 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?

Yeah... I don't think math is his strong point.


Waitadamnminutehere...........I was supposed to retire 10 years ago?

/Talk about missing the memo.........
2012-11-20 08:43:18 PM  
1 votes:

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

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

Cry moar, poors.


Yeah, you're a troll, and a waste of one, at that. "Poors"? Wow, big daddy Warbucks, I bet you impress everyone in the Internet these days.

Something tells me that you're still in your 20's, driving an old 'n busted '82 Celica, hanging out with a couple of friends at the gas station each weekend and talking about how you're each going to get out of the shiattown that you live in now, but 0bama is holding you down...

But please, go on about the poors.....
2012-11-20 08:41:34 PM  
1 votes:

ghare: 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.

How is letting Grandpa take retirement early making him lose his job?


Because grandpa might still want or need it a bit longer so he can save up more money for his retirement? You use the word "let", but in reality it can be "make".
2012-11-20 08:40:16 PM  
1 votes:

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?


Yeah... I don't think math is his strong point.
2012-11-20 08:34:34 PM  
1 votes:
Because only a handful of years should be spent enjoying the world without slaving away at a job.
2012-11-20 08:33:07 PM  
1 votes:
Eat the rich..
2012-11-20 08:30:23 PM  
1 votes:
Let's see: All the old people enter the labor market (calculating new unemployment numbers). HOLY shiat!

/Because Obama asshole rich guy.
Ehh
2012-11-20 08:25:02 PM  
1 votes:
Spoken like a man who needs to be re-educated. In a camp.
2012-11-20 08:24:54 PM  
1 votes:

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
2012-11-20 08:16:13 PM  
1 votes:

edmo: hire them


They will unload them and then rehire them at 1/3 their previous salary.
2012-11-20 08:10:31 PM  
1 votes:
2012-11-20 08:08:35 PM  
1 votes:

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.
2012-11-20 06:28:55 PM  
1 votes:

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.
2012-11-20 05:28:44 PM  
1 votes:
Full disclosure from Subby - I was thinking of this when I submitted the headline.

i1120.photobucket.com

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.
2012-11-20 05:19:41 PM  
1 votes:
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?
 
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