Treasury to tap pensions to help fund government

Washington Post ^ | 5/16/11 | Zachary A. Goldfarb

[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.

[444Flyer]

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

[silverleaf]

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

[blueunicorn6]

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.

[silverleaf]

“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”

[Nip]

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?

[Lancey Howard]

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.

[griswold3]

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.

[Cboldt]

-- 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.

[FreeMaine]

"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.

[TheOldLady]

Shake out a few over here

[muawiyah]

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.

[silverleaf]

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

You’re welcome

[FreeMaine]

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

Before I thank you, what's he do?

[Arthur Wildfire! March]

Good find, Nachum! [As always.]

How many raids will continue on pension plans?

[Arthur Wildfire! March]

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

[Nachum]

How many raids will continue on pension plans?

Until they have it all.

[SoftballMominVA]

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.

[Arthur Wildfire! March]

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.

[Arthur Wildfire! March]

Correction:

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

[stephenjohnbanker]

” 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!