Ezra Klein's Washington Post report on this is here "Why rich guys want to raise the retirement age" (Though everything in his print analysis is covered in the video above. This link is here for you if you can't watch the video for some reason. Plus I've added a few thoughts below.)
In the written piece one other flaw I noticed as the hash was being flung. Blankenfein claims you only work 25 years before you retire. Um, on what planet? Who starts working at age 45? Or for those retiring at 62 who starts working at 37? Most people are working since they are 14, 16, 18, or at least by 24. Why is this guy saying we only work 25 years before claiming retirement.
Because they guy he is talking to is just nodding his head and agreeing with everything this Wall Street Bank CEO is saying, not challenging anything, and that, in a nutshell is why such talking heads on TV news are paid so much. So they will just compliantly nod when the rich guys who make their fat salaries possible, start spewing garbage aimed at taking away more from us so they can lard up their own bank accounts.
Luckily the regulars and replacements at MSNBC don't nod and agree all the time with such people.
BTW, Social Security is not an entitlement. We show here that you have earned it. If you have worked 40 years you have earned 20 years of retirement with just 6% of interest on it. Yes, Wall Street does not offer any deal to the government that would give a puny 6% interest without endangering the whole fund system which of course would likely disappear if we did not insist on security.
But, in fact, you also don't get a full continuation of your salary, average or final anyway, so you have still earned your retirement.
When Wall Street wants to play fair we can fix this too. If the Democrats are strong enough we can still protect Social Security. We need to make the Democratic party as strong as possible by convincing our friends and families to vote in years that aren't p;residential elections too. Then we can tackle the gerrymandering that handed the House of Representatives back to the GOP this November. Gerrymandering makes everyone less of human worthy of full rights and more of a slave to those who make it happen, including the GOP and their fat cat backers.
