Uncategorized

Top one-percenter admits inequality is getting out of hand

You know things have gotten pretty bad when even the head of the corporate oligarchs at Goldman Sachs starts speaking out against inequality. This is from a story posted by the good people at Think Progress:

“CEO of one of the world’s largest banks: Income inequality is ‘destabilizing’

Lloyd Blankfein, CEO of investment bank Goldman Sachs, called income inequality “very destabilizing” during an appearance on CBS “This Morning” on Thursday.

Arguing that the growing division between the top and bottom of income earners drives political divisions that makes it difficult to legislate and “deal with problems” and therefore “drive growth,” he said, “It’s a very big issue and something that has to be dealt with.”

Blankfein himself can be counted among the 1 percent who have been grabbing most of the country’s income growth, as he is the world’s best paid banker with a $2 million annual salary and tens of millions more in bonuses, adding up to a net worth of $450 million….

Read the rest of the article and watch Blankfein make his comments on CBS by clicking here.

Check Also

NC Policy Watch to host Charlotte Crucial Conversation on future of school integration

Join us Wednesday, October 30 for a very ...

Top Stories from NCPW

  • News
  • Commentary

A troubled charter school in the Rowan County town of East Spencer has turned to a man with a checke [...]

Nearly half of the female students at UNC-Chapel Hill have experienced some form of sexual assault b [...]

Despite concerns, Treasurer Dale Folwell maintains state investments in much-criticized company that [...]

If you only look at the unemployment rate and the stock market, you probably think most families are [...]

When the journalist Michael Kinsley wrote in 1984 that a gaffe “is when a politician tells the truth [...]

Tonight's Democratic presidential debate will be dominated by two urgent issues: the House of R [...]

Supporters of public education fight back against empty promises of state’s school privatization mov [...]

Survey of hold-out states indicates the Medicaid expansion debate has entered a new phase Across the [...]