Noteworthy News

[BrianSoddingBoru4]

Larry Fink, CEO of BlackRock, says the idea of Americans being able to retire at 65 is an outdated notion.

His estimated net worth is 1.2 billion.

Boru

It seems more like he's talking about something a bit closer to based: namely, that people aren't saving enough for retirement and that we need to rectify that. Admittedly, he does not seem to point out that part of the problem is that people aren't paying their employees enough to save and that things are just getting more expensive.

And the retirement age seems to be a smaller part of the document that he's talking about, and even that has a very understandable argument behind it: namely, that it's part of a balancing act to ensure that, when one grows old enough to retire, they'll actually be able to get those retirement checks from Social Security. Like it or not, the situation for Social Security is dire enough
that, in 2034, it’ll only be able to afford to pay retirees 75% what they are now.

I know exactly what he’s talking about - privatizing Social Security by legally requiring people to invest a portion of their earnings in stock and money markets. Guess what kind of company Black Rock is.

Also, innit funny how people with billions of dollars never seem to suggest taxing the rich to save Social Security?

Boru