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Goldman Sachs CEO Lloyd Blankfein urged Congress and President Barack Obama to cut Social Security, arguing that the program cannot "afford" to keep funding longer modern retirements. He left out that Social Security currently has a $2.7 trillion surplus and could strengthen its financial footing further by simply taxing more of the income of wealthy executives like Blankfein himself.
Social Security's existing surplus is projected to keep the program solvent through 2033. That solvency could be further extended, without resorting to benefits cuts, by lifting the earnings cap on rich workers. Under current law, workers and employers pay Social Security taxes only on the first $110,100 of an individual's income. Any earnings beyond that are not subject to the tax
If Blankfein's total 2011 compensation of $16.1 million -- including the $2 million salary, the $3 million bonus and stock awards worth $10.7 million -- were subjected to Social Security taxes, it would yield enough money to fund the full retirements of eight workers, plus an additional 5.6 years of benefits for a ninth retiree. Taxing Blankfein's 2011 salary and bonus would yield $606,347.60 for Social Security, or 41.1 years worth of average benefits.
Originally posted by iwilliam
This is completely disgusting.
Whoever it was that said our society is "Capitalism for the poor and Socialism for the rich," was dead-on accurate.
Gotta love these greedy demons (I say this, because they resemble nothing of humanity) corporate thugs who expect gigantic handouts and breaks for themselves, yet declare that the poor deserve to suffer with even less than the little they already have.
Stuff like this really challenges my desire for spiritual centeredness, and forgivness, as when I see stuff like this a part of me really hopes that these guys "get what's coming to them."
BTW, social security disability is usually even lower than the figure in the OP.edit on 27-11-2012 by iwilliam because: (no reason given)
This just isn't right, I don't even know how someone could even live on $1,229 per month, unless they live with their family and have no expenses and he wants to cut that even more.
Originally posted by ohioriver
Just a thought, but since when did we elect a bank to run the country? Proof positive that congress is a puppet and the banks pull the strings.
Originally posted by randomname
another scholar. how idiots like this end up being multi million dollar ceos pretty much sums up the financial mess the world is suffering.
they love to pick on people that can't fight back. why isn't he saying the u.s. could use less patriot missiles.
or the billions of dollars in foreign aid that gets tossed around the globe like end of quarter bonuses.
why people get mad is even worse. the guy is the very definition of a troll. someone stuck a microphone in his face and he spouted off his ignorance.
he sounds like an idiot, because he is an idiot. the same with poor ol' mitt. anything that doesn't have to do with moving around numbers to line their pocket book, is beyond their intelligence.