goldman sachs | Progressive Change Campaign Committee (PCCC)

You’d think that Goldman Sachs — the mega-bank that took $10 billion of taxpayer money — would show a little bit of humility in the wake of the financial crisis. You’d be wrong.

In an interview with CBS News, Lloyd Blankfein, the Goldman CEO who famously said he was doing “God’s work,” said that Social Security benefits must be cut by raising the retirement age and Medicare and Medicaid must be “contained” as well:

PELLEY: Social Security, Medicare, Medicaid?

BLANKFEIN: 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.

PELLEY: Because we can’t afford them going forward?

BLANKFEIN: Because we can’t afford them.

Let’s get something clear. Blankfein made these comments in the context of what should happen in budget negotiations related to the debt. Social Security does not add one penny to the deficit. And it’s fully solvent until 2033 — it would be fully solvent well into the 22nd century if we simply lifted the payroll tax cap.

Watch it:

Instead of letting banking tycoons guide our public policy,we should look instead to Senator-elect Elizabeth Warren (who Goldman Sachs spent big to try to defeat in the recent election).

Warren has an alternative, truly balanced approach to tackling the deficit. During a campaign debate last month, she laid out a popular, credible vision for dealing with the deficit: cut back on wasteful military and agriculture subsidy spending, and make the rich pay their fair share. Watch Warren explain:

Show your support for Warren’s progressive alternative to the “Grand Bargain” that cuts Social Security and Medicare by clicking here to add your name as a citizen supporter of her vision.

Judd Gregg was once a U.S. Senator, but then decided to go work for Goldman Sachs.

Erskine Bowles and Alan Simpson have launched a new campaign — called “Fix The Debt” — to get Members of Congress to support their austerity plan to cut Social Security and Medicare benefits while lowering corporate tax rates. They’re even taking aim at bold progressive congressional candidates like Annie Kuster who oppose their plan.

They have a steep hill to climb, because their plan is very unpopular among the public and was already defeated in a 382-38 vote in Congress.

In an article published yesterday in Bloomberg News, former Senator Judd Gregg, who is campaigning with Bowles and Simpson, promised “financial support” to lawmakers who back their Social Security-cutting plan:

“We’re trying to develop a plan that can be used by members of Congress, called ‘Simpson-Bowles plus,’ if you will,” Gregg said. “We want to combine that with grassroots help and financial support to be there for members of Congress who need political support when they make these tough decisions.”

First of all, there is no “grassroots” demand to cut Social Security and Medicare. As we revealed to you last week, Bowles and Simpson have enlisted funding from billionaires to try to create the impression of one by flooding town halls with questions about austerity. They’ve already raised $30 million.

But the second part of what Gregg said is more interesting. He is openly saying that his group will provide “financial support” for lawmakers who want to cut Social Security and Medicare benefits. That’s a monetary incentive to Members of Congress.

And who is Gregg, exactly? Bloomberg correctly identifies him as a former senator, but doesn’t note his day job. Gregg was named an “international advisor” to Goldman Sachs in early 2011, shortly after leaving the Senate (where, coincidentally, he spent his last days trying to derail financial reform legislation).

Wall Street has been targeting especially Social Security for decades, and there’s no reason to think it would stop now. The “Fix The Debt” campaign does not reveal its donors, but with a $30 million war chest, it’s not a stretch to imagine that Gregg has convinced his bosses at Goldman to jump on board.

So that’s where we stand. The cronies of the banking industry are offering Members of Congress tons of money to cut your Social Security and Medicare.

Don’t let them get away with it. Pitch in a few dollars to defend bold progressive Annie Kuster against the Bowles-Simpson attack.

Stand with 771,000 other bold progressives:

News Archives: Tagged goldman sachs

After Taking $10 Billion From Taxpayers, CEO Of Goldman Sachs Wants To Cut Your Social Security

Goldman Sachs Advisor Promises ‘Financial Support’ To Candidates Who Support Cutting Social Security