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Americans Should Work Longer and Receive Fewer Benefits, Says Multi-Millionaire Goldman Sachs CEO Blankfein
Multi-Millionaire Goldman Sachs CEO Blankfein Says Americans Should Work Longer and Receive Fewer Benefits
Solving the long-term solvency problem of Social Security will mean Americans retiring later in life and receiving fewer benefits, according to one Wall Street tycoon who received $16 million in compensation in 2011.
Lloyd Blankfein, the enormously wealthy CEO of Goldman Sachs, recently told CBS News that “the retirement age has to be changed.” He also remarked that “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.”
Blankfein, who owns $210 million worth of Goldman Sachs stock, defended his suggestions by claiming that “Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career.”
-Noel Brinkerhoff
