The CEO of Goldman Sachs is worried about income inequality
While promoting Goldman Sachs' North American Energy Summit on “CBS This Morning” on Tuesday, Goldman Sachs CEO Lloyd Blankfein added his name to the list of those concerned with rising income inequality in the United States.
While the majority of the interview focused on energy and the environment, four and a half minutes into the segment the conversation turned briefly to income inequality.
“Income inequality is a very destabilizing thing in the country,” Blankfein told the panel of CBS hosts. “It’s a very big issue and one that has to be dealt with.”
Blankfein then suggested that too much of the country’s wealth has gone “to too few of the people.”
“The economic system has to do two things,” he explained. “You have to grow a pie and you have to distribute it in a proper way. Both contribute to the stability of society."
Blankfein’s CBS appearance has caused many to wonder at the notion of a powerful CEO commenting on what is typically portrayed to be a liberal critique of the financial sector.
“Blankfein himself can be counted among the 1 percent who have been grabbing most of the country’s income growth,” Think Progress’ Bryce Covert wrote Friday.
“Obviously if Blankfein wants to take action on this personally he could start giving away his whole salary,” Vox’s Matt Yglesias wrote Thursday. “But the fact of the matter is that inequality is a systematic political issue and not something that's effectively addressed through individual action.”