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Treasury to tap pensions to help fund government
Washington Post ^ | 5/16/11 | Zachary A. Goldfarb

Posted on 05/16/2011 8:11:15 AM PDT by SanFranDan

The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.

Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: 401k; bookkeepingmaneuvers; debtceiling; debtlimit; geithner; pensions; retirement

1 posted on 05/16/2011 8:11:16 AM PDT by SanFranDan
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To: SanFranDan

With private enterprise, this is a sure sign that the end is nigh.


2 posted on 05/16/2011 8:13:15 AM PDT by Ingtar (Together we go broke (from a Pookie18 post))
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To: SanFranDan

Your 401K is next.


3 posted on 05/16/2011 8:13:33 AM PDT by petercooper (2012 - Purge the RINO's.)
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To: SanFranDan

Freaking blackmail!


4 posted on 05/16/2011 8:16:49 AM PDT by lardog ( Obama should be in jail!)
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To: SanFranDan

Next he will confiscate all 401k from you, the public. Wave goodbye to your pensions and he will make sure that you could only draw a small amount each month representing starvation. Think not? Who has control of all institutions (banks) now.


5 posted on 05/16/2011 8:17:14 AM PDT by Logical me
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To: SanFranDan

How about all those federal employees that voted for the kenyan. Here comes hope and change.
Hope your retirement doesn’t end being a bunch of loose change.


6 posted on 05/16/2011 8:18:06 AM PDT by Texas resident (Hunkered Down)
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To: SanFranDan

LOL, this isn’t going to end well. Why on earth should anyone expect the $ to be paid back? Even if it is paid back it will be w/ borrowed money. You can only live so long on revolving credit cards.


7 posted on 05/16/2011 8:18:54 AM PDT by 556x45
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To: SanFranDan

This is just a temporary procedural move, and contrary to what the liberal media wants people to think, it’s not the first time this has happened; it has happened many times before in fact.


8 posted on 05/16/2011 8:19:14 AM PDT by jpl
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To: Logical me
Think not?

Yes, think not.....political suicide; and being in power is uber important to these people, so NFW.

9 posted on 05/16/2011 8:20:07 AM PDT by ErnBatavia (It's not the Obama Administration....it's the "Obama Regime".)
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To: SanFranDan
The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.

The government was legally obligated to pay back the Social Security fund as well.

10 posted on 05/16/2011 8:22:25 AM PDT by thethirddegree
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To: SanFranDan
The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.

And if you believe that "legal requirements" are going to determine anthing...

Sort of like income taxes, eh, Tim?

11 posted on 05/16/2011 8:22:48 AM PDT by grobdriver (Proud Member, Party Of No! No Socialism - No Fascism - Nobama - No Way!)
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To: SanFranDan

The Social Security lock box was flushed down the democrat-rino crapper, now goes the 401, next the IRA’s.


12 posted on 05/16/2011 8:24:46 AM PDT by gitmogrunt
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To: SanFranDan

Well, they’ve been “tapping” Social Security for 75 years.

And just about every government, at every level—municipal, county, state, and federal, has been tapping pensions, or underfunding them.

But now I suppose Boehner will cave when they all scream that it’s his fault.

Hey, Boehner, how about just pointing out that they’ve been doing this for decades, and that the problem is that Democrats and their Republican accomplices keep spending money that they don’t have?


13 posted on 05/16/2011 8:24:52 AM PDT by Cicero
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To: SanFranDan
How long before the butt-licking media start singing praises of Obama for his successful struggle to hold the country and the economy together?

We will be told how he bravely faced down a concentrated attack by mean-spirited, racist conservatives determined to cause the US to default on our debt and destroy the economy and so they can blame it on HIM.


14 posted on 05/16/2011 8:26:02 AM PDT by Iron Munro (Every day we now throw away things people will kill for after TEOTWAWKI)
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To: SanFranDan
The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses

poetic Justice! the first thing the usurper has done that I approve of. It really is our money, money the fed stole from us to bribe their flunkies with.

15 posted on 05/16/2011 8:27:41 AM PDT by FreeMaine (I wonder if barry ever adopted the two girls?)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


16 posted on 05/16/2011 8:31:33 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: SanFranDan
Your funds are being securely held and invested. They are very, very safe. Here is this months allotment of your money that we are allowing you to have. Spend it wisely. There will be no "cost of living increase" this year.


17 posted on 05/16/2011 8:35:32 AM PDT by Pan_Yan
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To: Pan_Yan

They should stop pretending and just go back to ration books.


18 posted on 05/16/2011 8:40:25 AM PDT by newzjunkey (When does Pawlenty get blitzed like Daniels?)
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To: newzjunkey
They already robbed federal retirees because they haven't had a COLA for two years, that action in itself is a form of a tax and it happened under the current administration. Bet the AFL-CIO and AFGE approved of that and also approves of the plan to raid federal retiree funds. So much for those poor suckers paying union dues.
19 posted on 05/16/2011 8:47:58 AM PDT by Ciexyz
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To: Ciexyz

“They already robbed federal retirees because they haven’t had a COLA for two years”

I hear this argument thrown out there by the Looters all the time. Please answer me this. Why should We The People in the Private Sector increase your Pay,Salary,Retirement for the amount of Wealth The GOVERNMENT STOLE BY DEVALUING MY PROPERTY (money)??? You are correct in your assertion that the Fed’s Robbed the Federal Retirees, they ROBBED EVERYBODY, but that doesn’t give you the right to ROB THE TAXPAYERS because you were ROBBED.


20 posted on 05/16/2011 9:03:17 AM PDT by eyeamok
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To: SanFranDan
The Irish beat em’ by a few days. Guess Obama and Edna Kenny can meet on his trip to the Emerald Isle and celebrate with a Guinness at the pub.

May 10, 2011

“Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending”

http://www.businessinsider.com/irish-bombshell-government-raids-private-pensions-to-pay-for-jobs-program-2011-5

21 posted on 05/16/2011 9:04:03 AM PDT by 444Flyer ("...Rather the scorned- the rejected -the men hemmed in with the spears..." from 'A Consecration')
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To: FreeMaine

I beg your pardon, but at least half that money was deposited by my family out of our paycheck, as savings for retirement

It is not “your” money.

Apparently under obama and geithner, it is not “my” money either


22 posted on 05/16/2011 9:19:43 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: SanFranDan

More Democrat WALKING TO THE BACK OF THE PLANE. The plane’s going down, but maybe there’ll be a miracle from the time the nose hits until the back augers in. Dump some weight and the bird can still fly.


23 posted on 05/16/2011 9:21:00 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: jpl
“This is just a temporary procedural move, and contrary to what the liberal media wants people to think, it’s not the first time this has happened; it has happened many times before in fact”.

Having it happen in 2006, under John Snow, with George Bush as President, seeking a boost to a 9 TRILLION debt ceiling... ... seems like a whole different world from now, under Taxcheat Tim Geithner, with “obama-jarrett” as president

obama’s handlers are lawless and his craven political party is desperate for a $16 TRILLION debt ceiling so they can keep stuffing the labor union pinatas.

I see no comfort in “laws” or “guarantees” that these pension funds will be made whole, issued by a the criminal syndicate that put an ineligible incompetent in the potus seat, holds our WH, congress, banks, Wall Street and most of the courts. Ask the GM bondholders and the people who lost their car dealerships about this gangster govt following “the law”

24 posted on 05/16/2011 9:28:12 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: SanFranDan
It is nice to see the Federal Govefrnement doesn't read international history.

Didn't Argentina do something similar to this a few years ago because they ran short of money? And where is their credit now?

Bottom line - Congress Critters have eaten so much out of the feed trough they are now eating the through itself and crying for more.

Washington needs to CUT every program not directly mentioned int he Constitution. This “general welfare clause” business has bankrupt us, but not the Congress Critters.

My position - turn off all the Congress critter retirements. After all, they are the ones who created the problem so why shouldn't they help pay?

25 posted on 05/16/2011 9:41:53 AM PDT by Nip (TANSTAAFL)
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To: petercooper
Your 401K is next.

Count on it.
Also, private pension funds, Keoughs, regular IRAs, and anything else the scumbags can get their filthy paws on.

26 posted on 05/16/2011 9:46:16 AM PDT by Lancey Howard
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To: silverleaf

first thing this ‘progressive’ administration did was throw out the ‘rule’ of law. it’s whatever the politburo says thes ‘law’ is now. Legislators cannot help you now.


27 posted on 05/16/2011 9:47:50 AM PDT by griswold3 (Character is destiny)
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To: thethirddegree
-- The government was legally obligated to pay back the Social Security fund as well. --

Nope. There is no legal obligation to pay the contributors. See Flemming v. Nestor, 363 U.S. 603 (1960).

The government is nothing but a pack of thieving liars.

28 posted on 05/16/2011 10:42:51 AM PDT by Cboldt
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To: silverleaf
"I beg your pardon, but at least half that money was deposited by my family out of our paycheck..."

Hey even your paycheck came out of our taxes.

29 posted on 05/16/2011 10:56:17 AM PDT by FreeMaine (I wonder if barry ever adopted the two girls?)
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Shake out a few over here

30 posted on 05/16/2011 10:57:33 AM PDT by TheOldLady
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To: jpl
It has happened before ~ way back under Reagan they added in a surcharge on federal health insurance in mid-stream ~ after you'd already signed onto it.

There are some interesting things that happen to any financial relationship you have with the US government. It's all a one way street and it doesn't matter if it's the Republicans or the Democrats stealing your money.

31 posted on 05/16/2011 10:57:38 AM PDT by muawiyah
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To: FreeMaine

and because of my husband’s work, you and your family sleep safely tonight

You’re welcome


32 posted on 05/16/2011 10:58:34 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: silverleaf
and because of my husband’s work, you and your family sleep safely tonight

Before I thank you, what's he do?

33 posted on 05/16/2011 11:20:41 AM PDT by FreeMaine (I wonder if barry ever adopted the two girls?)
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To: Nachum; stephenjohnbanker; TigersEye

Good find, Nachum! [As always.]

How many raids will continue on pension plans?


34 posted on 05/17/2011 4:27:07 AM PDT by Arthur Wildfire! March (George Washington: [Government] is a dangerous servant and a terrible master.)
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To: lardog

Can’t raise taxes without the House. I don’t think Bachmann would put up with that.


35 posted on 05/17/2011 4:28:25 AM PDT by Arthur Wildfire! March (George Washington: [Government] is a dangerous servant and a terrible master.)
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To: Arthur Wildfire! March
How many raids will continue on pension plans?

Until they have it all.

36 posted on 05/17/2011 9:06:27 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: eyeamok
I hear this argument thrown out there by the Looters all the time. Please answer me this. Why should We The People in the Private Sector increase your Pay,Salary,Retirement for the amount of Wealth The GOVERNMENT STOLE BY DEVALUING MY PROPERTY (money)??? You are correct in your assertion that the Fed’s Robbed the Federal Retirees, they ROBBED EVERYBODY, but that doesn’t give you the right to ROB THE TAXPAYERS because you were ROBBED.

Every penny in my husband's TSP was contributed by him. He received no federal matching. This is truly his money and apparently he is being robbed.

37 posted on 05/17/2011 11:17:13 AM PDT by SoftballMominVA
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To: Nachum

I had a saver’s plan once and needed it for start up money for a new business. I realized there would be a 10% penalty. That was always factored in my planning. Then I was pre-taxed when I withdrew it. A new law that assumed I would fail. That assumption caused me to fail.

Lost more money saving it than if I had spend it.


38 posted on 05/18/2011 3:46:40 AM PDT by Arthur Wildfire! March (George Washington: [Government] is a dangerous servant and a terrible master.)
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To: Arthur Wildfire! March

Correction:

I lost more money saving it — even with employer matching — than if I had spent it.


39 posted on 05/18/2011 3:47:23 AM PDT by Arthur Wildfire! March (George Washington: [Government] is a dangerous servant and a terrible master.)
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To: Nachum; Arthur Wildfire! March

” To: Arthur Wildfire! March
How many raids will continue on pension plans?
Until they have it all.

36 posted on Tuesday, May 17, 2011 9:06:27 AM by Nachum “

WINNER!


40 posted on 05/18/2011 1:34:26 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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