President Bernie Sanders would ruin the economy

Tuesday, December 31, 2024 - 01:00

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After the Bernie Sander's New Hampshire primary win, former Coleman Sachs chief, Lloyd Blankfein, tweeted an attack on Bernie Sanders saying he would "ruin our economy" if elected president and that Bernie is as polarizing as President Trump. "If I'm Russian, I go with Sanders this time around," said Blankfein. In 2007, Blankfein's total compensation at Goldman Sachs came in at roughly $53.97 million; in 2017, he took home a trifling $24 million. Asked by CNBC anchor Scott Wapner if corporate leaders make too much money--which Sanders, for one, obviously believes they do--Blankfein snapped, "Do you think television reporters make too much money? I do."

It's clear why Blankfein and other Wall Street execs are no fans of Bernie Sanders. Senator Sanders has proposed a wealth tax on the richest Americans to help pay for his "Medicare for all" health program, universal child care, and an overhaul to the housing market that would give big subsidies for first-time home buyers. The proposed tax on households with a net worth over $32 million -- about 180,000 households in total -- would raise $4.35 trillion over a decade. Frustrated over what he views as an "outrageous" degree of inequality in the United States, Mr. Sanders has said billionaires should no longer exist here. A recent Sanders campaign ad took particular aim at Jamie Dimon, the chief executive of JPMorgan Chase, calling him "the biggest corporate socialist in America today," an overpaid executive who embraces a brand of socialism "that has eroded our society."

Bernie Sanders has also feuded with Blankfein before. In 2016, Sanders added Blankfein to his "anti-endorsements list," which includes the many Wall Street figures who've warned against a Sanders presidency. That same year, Sanders commemorated Blankfein's newly minted billionaire status by telling Bloomberg that the then Goldman CEO and others like him "make huge sums of money, help destroy our economy, they come to Congress and you know what they say? They say, 'You've got to cut Social Security and you've got to cut Medicare and you've got to cut Medicaid.'" To which Blankfein shot back, "To personalize it, it has the potential to be a dangerous moment, not just for Wall Street, not just for the people who are particularly targeted but for anybody who is a little bit out of line." Last summer, Blankfein tweeted: "Don't know why Sen. Sanders picks on a retiree like me. I think he's always looked down on me because he grew up in a fancier neighborhood in Brooklyn."

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Submitted by Tsegereda Mulugeta on Wed, 02/12/2020 - 06:44