Posted on 01/17/2012 6:54:19 PM PST by John W
The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.
"I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.
The House of Representatives is expected to vote on Wednesday on the Obama administration's request to raise the country's legal debt limit to $16.394 trillion.
(Excerpt) Read more at reuters.com ...
Does the WH know they will surely cause great upheaval and distress among the fed employees - or is this part of THE plan?
We are in debt up to our ass, They have stolen 500 Billion from Medicare, they are killing Social Security and now they are fugging over the Pension system.
WTF is going on? They are bankrupting America.
No wonder they want to take our guns.
how do they plan to pay it back and make the pension fund whole??
Does the WH know they will surely cause great upheaval and distress among the fed employees - or is this part of THE plan?
how do they plan to pay it back and make the pension fund whole??
Does the WH know they will surely cause great upheaval and distress among the fed employees - or is this part of THE plan?
Our federal government borrows and spends roughly 70% more money than it takes in!
If the average American household with an income of $50,000 were somehow able to do the same thing, they’d be borrowing $35,000 a year and spending $85,000. In 14 years their debt would be up to $500,000, and at the historical interest rate of 5%, they’d be paying out $25,000 annually in interest, or 50% of their total income. Obviously it would not have been long before they went belly-up.
Since most of the government unions back the donkeys (or in some cases, mules), there is a certain rich irony here.
Does anyone think they will attempt to seize private bank accounts?
are you serious?
When they get the debt limit increased, THEY WILL BORROW MONEY and pay back the pension fund. Sheesh. don’t worry about those precious government workers. They will get their pensions. YOU(and all taxpayers) will pay through the effing a** though!
Chumps.
I have heard the 401ks are in their sites.
I have heard the 401ks are in their sites.
Lets elect ANOTHER Big government Big spending RINO-RAT, what could possibly go wrong?
So what? They have been doing that for some time with Social Security fund and never worried about paying it back. Let the government employees face the same fate.
“Does anyone think they will attempt to seize private bank accounts?”
That is what INFLATION is for.
I’ll wager congressional pensions are off limits.
ping.
ping.
On a serious note, how far do you think Obama will go with seizing our retirement and cash accounts?
Or is this the stuff of Alex Jones and Gerald Celente?
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