After taking $10 Billion form Taxpayers, CEO of Goldman Sachs wants to CUT your Social Security

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posted on Nov, 27 2012 @ 05:50 PM
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Things like this just make me sick, how selfish and greedy people on Wall Street could be. This guy's company just took $10 billion in bailout money form taxpayers and as a thank you or more like F-U, he wants to cut the income of people who worked all their life and actually deserve it.


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.



I didn't know this, but apparently social security could only be taxed for the first $110,100 of income. Instead of removing the cap or at least raising the taxed income for social security, this guy is proposing cutting social security benefits for retirees, so people who worked all their life, can't even afford to retire.


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



Blankfein raked in over $16 million in 2011 (thanks to taxpayer bailout) and he wants to cut social security which is on average about $1,229 per month. It would take 1,091 years for a person collecting social security to collect as much as Blankfein made in 2011. 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. This will force elderly people to work until they die, which will also raise the labor force and as a result raise the number of people unemployed.


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.


If that's not enough, he is also proposing cutting medicare and medicaid.

If you don't understand why people hate wall street, this is a perfect example why
edit on 11/27/2012 by taws6 because: (no reason given)




posted on Nov, 27 2012 @ 05:54 PM
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Isn't just lovely for people to have to pay an income tax on income that was already taxed to begin with? I say get rid of taxes, then government will follow. Problems solved.



posted on Nov, 27 2012 @ 05:58 PM
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reply to post by taws6
 


Typical globalist SCUMBAG banker!!!!!! Unfortunately that is the nicest thing I can say about this pile of worthless dung due to T&C!!!!

Anyone else notice how the Eurozone seems to be putting in Goldman vampires in seats of unelected power??



posted on Nov, 27 2012 @ 06:06 PM
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Goldman Sachs would seem to have quite a blur for where it ends and Government begins.



It's quite a cozy relation there and how nice of them to help decide how to cut what is a primary means of support, right or wrong, for many. That's an easy solution for those so far beyond needing it that it's irrelevant but for the budget problem it creates. Merry Christmas to them too.



posted on Nov, 27 2012 @ 06:06 PM
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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)



posted on Nov, 27 2012 @ 06:13 PM
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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)


I feel your pain. But this is just business as usual. They are pushing the limits because they know they can. Nothing can stop them. They're brazen now.



posted on Nov, 27 2012 @ 06:22 PM
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reply to post by taws6
 





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.


Smh, as I sit here in that very same boat you are describing, only with a family of 5 and no other income other than the pittance workers comp shells out twice a month. You are right it's nearly impossible especially at the holiday times, but we manage, even without other help like food stamps etc... Then I see people going hog wild at the grocery store with their government food checks livin the good life and scratch my head to be honest.



posted on Nov, 27 2012 @ 06:39 PM
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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.



posted on Nov, 27 2012 @ 06:41 PM
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Then I see people going hog wild at the grocery store with their government food checks livin the good life and scratch my head to be honest.
reply to post by jaynkeel
 


Government food checks= good life?

Huh



posted on Nov, 27 2012 @ 06:54 PM
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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.


Wall Street sponsors most of the presidential campings, hence all the bailouts that benefit all the big CEO's and crap on the poor.



posted on Nov, 27 2012 @ 07:04 PM
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Not only Blankfein is saying that some cuts to Social Security must be made, just about everybody else is, too. The trust fund, according to the Social Security trustees, will be completely gone by 2033. At that point, they will have to cut everybody's benefits by 25% unless something is done soon.

I'm not surprised that Blankfein took money, I'm surprised the government gave it to him. Perhaps they're the real villians?



posted on Nov, 27 2012 @ 07:13 PM
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Look people. There is no surplus. The so called trust fund was looted by vote buying politicians. We have to face facts and admit reality before we can begin to fix anything. I am all for ending the fed and breaking up all mega-banks along with restricting the size of all future banks to state level. BUT we must face an ugly truth. THERE IS NO TRUST FUND ANYMORE! It is long gone filled with worthless T-bills. I am sorry, but that is the truth.



posted on Nov, 27 2012 @ 07:18 PM
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If I wasn't forced to take part in social security I wouldn't. There are much better places to put your money. Here is a system where you can put in $100,000 and get back maybe $300,000... but that same $100,000 invested over one's lifetime (maybe 40 years) at 5% would end up around $704,000.

So we have a system where a majority of people will pay in less than they get back (though that isn't always the case) and one where the people would benefit much more if they had invested or saved privately.

Also, social security is usually used as a slush fund and never goes to what it is intended for.
edit on 27-11-2012 by braane1 because: (no reason given)



posted on Nov, 27 2012 @ 07:23 PM
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I'm pretty sure that figure of $1,229.00 is the most amount anyone can get on social security. I paid in for 32 years and get less than $900/mo for disability, that's minus $100 they take out for Medicare, whether I use it or not.
Social security was never intended to be a retirement fund, only a supplemental income. Given how they're destroying pensions left and right in this country most people will end up living entirely on SS. Not how it was meant to be but since corporate raiding became the standard this is what most of us have to look forward to .

Goldman Sachs privatizes the profits and makes public the losses.
They deserve a rope bonus for Christmas.



posted on Nov, 27 2012 @ 08:56 PM
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Well this is totaly evil and immoral but if people are going to be to stupid and not seem to care then I guess we also share the blame.

People for the most part these days are just to ignorant to understand they could have it so much better if we stood united instead of divided. If you ask me they did a very fine job of dividing the masses and for me its sad how we get so involved with the most moronic of causes like the anti this or pro that people and we TOTALY miss the real enemy.

If the game is monopoly and the banker is cheating the game everyone else loses.



posted on Nov, 28 2012 @ 01:11 AM
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It's all a Ponzi scheme anyway...just waiting for the bubble to burst...there will not be any need for social security once the collapse of the economy worldwide is complete...they will simply put you all in FEMA camps and that will be the end of it. That this is even the concern of anyone at this point is like....eating the food you knew would make you sick because it was rotten, but you ate it anyway...and now you have to throw up.
edit on 11/28/2012 by BrokenAngelWings33 because: Edit



posted on Nov, 28 2012 @ 01:18 AM
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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.



posted on Nov, 28 2012 @ 02:16 AM
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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.



There are 11 former Goldman Sachs folks in Obamas government, you know the guy who actually got elected? Enough about Mitt, he didn't do any of this current crap (plenty of his pals in on it I'm sure). Maybe you ought to look who's running the asylum these days. The Reps and Dems argue and point fingers in public, then vote themselves pay raises, premium benefit packages, massive pensions, etc in private. They all drink scotch at the same clubs after work y'all. The sooner everyone realizes just how bad the kleptocracy has become, the better
edit on 28-11-2012 by HabiruThorstein because: grammar
edit on 28-11-2012 by HabiruThorstein because: typos



posted on Nov, 28 2012 @ 02:23 AM
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What really really gets me about all this: why are these people not in prison?
I guess i know the answer as they are in cahoots with the law makers and
therefore exempt from said laws for the most part, but to me this alone should
be enough to convince anyone who still had any faith in our current system
that things are simply beyond repair.

I believe we have finally reached the tipping point, it cannot be fixed by those
who work within the system because the system is now flawed to the point
that it encourages this type of behavior, as ive pointed out in many threads before,
why does no one even mention the deregulation, not only that but the speculation
that's being allowed, its one big frikin casino at this point.......

If they wanna gamble away their money that's all well and good but for goodness
sake why is legal for them to do it with others money and not only that but when
they loose big then we pay off their loan shark for them...... why is the FBI, FTC,
and 1500 other letter agencies we pay to investigate and prosecute criminal theft
in every other aspect of the U.S. not out there screaming about this nonsense
and lack of responsibility.........

These people deal with amounts of money that are just insane and they can
simply walk up to congress and say "oh by the way, we lost a trillion dollars,
what are you going to do to fix it?" honestly this has put a sour taste in my mouth
as to large companies being allowed to even exist, i know that's a crazy idea
but why not simply mandate that a company by way of security for the national
economy cannot grow beyond its ability to operate in a responsible and
monetarily secure way?

It does scream of socialism in a way but on the other hand when these thieves
are left unregulated they would rather see the whole world burn then give
up those bonus checks that come on top of their multi million dollar salaries,
it sickens me that these people can fail so badly and yet still get a bonus,
how does that even work, that's like a mcdonalds employee taking your order,
charging you double, giving you half a sandwich and then telling you that
you have to pay for the other half if you want it, then expecting to get a bonus
on his paycheck of quintuple the value of said sandwich..........

We need some realism in our government so badly, everyone there is either
in a conservative fantasy world with religion and ignorance or in a liberal
fantasy world with unlimited debt and ignorance, and the sickest part is its
willful ignorance........



posted on Nov, 28 2012 @ 03:08 AM
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Its not surprising to me at all.Blankfein and his ilk wants us-the rabble/peasants dead.If he could press a button to just vaporise a few billion of average joe's+jills,he(and his cronies) would propably gleefully do so- instead,they will try to gradually let people starve to death,with ever increasing small financial atrocities,like these cuts.Take away people's will to live,by making life nothing more than a daily battle for barest survival,no quality to it at all,just an existence defined by stress and hunger,while the cost of basic commodities soar. We are less than ants in these people's eyes.They feel less when stomping on us,than i feel about flushing ants down the drain while using my kitchen sink.There's a way to make people like Blankfein possibly reconsider their financial rape+pillaging of+ against the human race, which would involve global tv coverage,a stage,Mr B himself and a certain item found in most American homes.These ARE crimes against humanity,such greed and total avaricious,psychotic disregard for the largest part of the planet's population.





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