The chief of the world's largest asset manager has issued a stark warning that America's safety net is failing to help citizens become rich, even as the system hurtles toward an insolvency cliff in 2032.
Larry Fink, the CEO of BlackRock, used his annual chairman's letter to argue that while the 90-year-old programme is a brilliant poverty-prevention scheme, it is fundamentally disconnected from the engine of the US economy. According to Fink, the Social Security trust fund shortfall is exacerbated by a 'stability-first' investment strategy that leaves millions of Americans unable to build wealth that grows alongside their country.
