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Goldman Sachs Bailout King Blankfein to Powwow with House Republicans, While Obama Rules Out Social Security For Now

GOLDMAN SACHS bailout king CEO Lloyd Blankfein is headed to Capitol Hill to push his ideas for the fiscal cliff scheme in person.

The guy who advised that the Social Security “retirement age has to be changed” in an interview with Scott Pelley of 60 Minutes recently, is headed to a meeting with House Republicans on the fiscal cliff scheme, the marketing push to scare politicians into carving up entitlements, including Social Security.

Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd Blankfein is among the executives scheduled to meet with U.S. House Republican leaders on the so- called “fiscal cliff,” according to a House aide and another person familiar with the plans. House Speaker John Boehner is scheduled to meet with a group of CEOs pressing for a solution to the looming tax increases and spending cuts on Nov. 28 in the Capitol building. [Bloomberg]

This is a man worth hundreds of millions of dollars who thinks that the working class need to work a little longer, even though they don’t receive Social Security as long as men like Mr. Blankfein do, because they don’t live as long, due to the back wrenching work that is their livelihood.

“Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career,” Blankfein said. “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.” [Huffington Post]

What Blankfein and his 1% club really also want to avert is the lifting of the Social Security income cap, which would cost him and his friends millions of dollars, while extending the already financially viable federal entitlement program decades.

This is another effort by the same Wall Street fat cats who sunk our economy in the first place to try and push the grand bargain, while sticking it to the working class.

It’s up to you to contact Congress to make sure they listen to you, not the elite 1% class who don’t rely on the social safety net like the middle class do. The American right, proving yet again they don’t understand the working class, agrees with Blankfien on raising the age for Social Security, because of “the longer lifespans Americans are enjoying,” even though this doesn’t apply to the working poor.

And in a development on Monday, during the gaggle with the press, White House spokesperson Jay Carney followed up on Senator Dick Durbin’s comments that Social Security “does not add one penny to the debt,” which came during Sunday’s This Week on ABC. Carney stated that President Obama has taken Social Security off the table on the debt talks during the lame duck session.

“We should address the drivers of the deficit and Social Security currently is not a driver of the deficit,” Carney told reporters today.

However, before anyone gets too excited, Carney also is quoted as saying Social Security should be dealt with on a “separate track.” What that means awaits to be discovered in 2013.

None of this will make Blankfein happy, because one of his publicly stated goals is to change Social Security, beginning with upping the retirement age, which impacts the working class directly.

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8 Responses to Goldman Sachs Bailout King Blankfein to Powwow with House Republicans, While Obama Rules Out Social Security For Now

  1. TPAZ November 27, 2012 at 6:01 am #

    “Social Security wasn’t devised to be a system that supported you for a 30-year retirement after a 25-year career,” Blankfein said.

    Lloyd Blankfein is correct. The system that was designed to support people for 30 years after retirement was called a Defined Benefit Retirement Plan. Wall Street convinced Congress and America to ditch the income program in favor of a Defined Contribution plan or 401(k). IRAs and 401(k) plans assumed that stocks and real estate would always grow in value. They also shifted the financial burden from the company to the employee.

    We should bring back the defined benefit account because it does service the needs of the American retiree throughout his/her retirement days. Social Security is only a safety net and no amount of spin by the right will weave this slender thread of last resort into a full size hammock.

  2. LiberalJoe November 27, 2012 at 8:34 am #

    Blankfein and his CEO cohorts looking to cut Soc Sec, Medicare, Medicaid are fundamentally
    no better that human garbage in this scheme. I’ve met dozens of guys like him when on wall street , they are in it for themselves and the country and society be damned. There is nothing wrong with making money but a I believe that one should be cognizant of the rest of society. As Elizabeth Warren said so eloquently-pay it forward for the next guy. We are all in this as a society and nation to help all of us.

    For the financial disaster these guys brought on the american people, they should have all been perp walked and in jail. His notable peers who should have joined him are Jamie Dimon, Ken Walsh and others. But Pres Obama and the very weak ass wall street cronies in the Admin-Holder, Geithner and others would have had a baby if this happened. I”m no fan of Reagan but 1000 people went to jail during the savings and loan crisis.

    Blankfein and others will argue that they do charitable works and donate money to fund social activities dear to them. That’s true and admirable to a degree but the scope of those activities are small in their affect. It also smacks of what mafia dons do when they give thousands of dollars to the church during their lifetime so that they can have a church funeral and burial with the sacraments-its akin to attempting to buying your way into heaven as a way to excuse and seek forgiveness their morally corrupt, illegal and at times murderous behavior while on earth (not suggesting the wall street guys were killers,just making an analogy). The wall street guys and other CEO’s in their attack on the middle class think their charity should excuse their contempt and treatment for the working class.

    I’ll let God deal with that on Judgement Day. But here now on earth we need to beat back this attempt by those guys with fervor-they deserve no respect, and this includes the politicians who go along with them, including Dems whomever they are.

    • ladywalker68 November 27, 2012 at 9:58 am #

      Begin Quote
      It also smacks of what mafia dons do when they give thousands of dollars to the church during their lifetime so that they can have a church funeral and burial with the sacraments-its akin to attempting to buying your way into heaven
      End Quote
      I think it is time to call it as it is: The mega-Churches today are just corporations wearing a God sticker so they qualify for tax exemption status.

    • TPAZ November 27, 2012 at 11:41 am #

      Don’t criticize Jamie Dimon. He is your next SOT because he is Warren Buffett’s pick. Obama is nothing more than a paid flunky for the 1% willing to carry out their wishes and selling it is a win for and to low information supporters (I’ll stop right here. I don’t want the Obama supporters on Taylor’s site to cry and call me names for not enthusiastically fluffing Dear Leader).

  3. ladywalker68 November 27, 2012 at 8:44 am #

    Quote
    This is another effort by the same Wall Street fat cats who sunk our economy in the first place to try and push the grand bargain, while sticking it to the working class.
    End Quote

    Taylor, you are on a roll! I would say I absolutely love the graphic, but what an insult to pigs everywhere!!!

    TPAZ-Thanks for pointing out that Wall Street also brought us the Defined Contribution plan -401K, and we all know how well that turned out with the 2008 financial collapse brought to us by none other than…..drum roll…. WALL STREET!

    • Taylor Marsh November 27, 2012 at 8:49 am #

      I’m kind of partial to pigs, too! But what a graphic!!

      • ladywalker68 November 27, 2012 at 9:53 am #

        :)

  4. jinbaltimore November 27, 2012 at 9:31 am #

    Can we bring back the stocks and the pelting with the fruit/eggs now?

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