The Head of Goldman Sachs Wants to Raise Your Retirement Age

Nov 20 2012, 1:15 PM ET
 
Lloyd Blankfein, the 57-year-old CEO of Goldman Sachs, who was paid more than $16 million dollars last year, appeared on CBS last night to talk about the Fiscal Cliff and lay some truth on the American people: You all need to work longer.

You can look at history of these things, and Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career. ... 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. But in general, entitlements have to be slowed down and contained.

As Ezra Klein and others before me have noted, it is very easy for people like Blankfein who are paid outrageous sums of money to sit in offices, think, and talk to tell Americans they should delay retirement.