Here is a clue for you: there is no way in hell we can pay for all the "unfunded liabilities" we have signed up for. I think the bill now is $40 Trillion.
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'First they came for the Jews....and I said nothing because I wasn't a Jew. Then they came for the..........'
"A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines."
Ralph Waldo Emerson
(1803 - 1882)
I believe what they did in Ireland was force a certain percentage of private pensions, both 401K and company funded, to be invested in governments bonds. So, if they confiscate your 401k, at least they’ll leave pile of IOUs. So instead of privatizing Social Security, they made private savings into 401ks.
Yup. While the public retirements are being raped the govt will be cheered on. Then when it’s their turn, it will suddenly be unconstitutional, immoral, time for revolution, etc.
Total U.S. retirement assets were $16.6 trillion as of September 30, 2010. If the Feds take every penny, it's still not enough to put a dent in Zeros' crack-cocaine spending addiction. The best they can do is kick the can a few years down the road, while destroying US stock and bond markets.
I was unaware the FERS fund was tapped!!!
I’m going to have to look into this.
“....fully solvent and funded Federal Pension fund”
Let’s get this nonsense off the table. The fact that the Fed has this money now proves that it isn’t solvent, nor funded.
Federal pensions, like every federal expenditure, are ultimately dependent upon present revenue. It may take some accounting sleight-of-hand, but that is the reality.
Federal employees are being used as a support block for raising the debt ceiling unconditionally. Now that you have skin in the game (your pension) you are less likely to support the responsible action.
Before you warn private citizens about their pension savings, please state your opinion on the debt ceiling, because you, and all federal employees, now have an very large conflict.
All the folks here who cheered on Obama and Geithner when they raided the fully solvent and funded Federal Pension fund will be screaming bloody murder if their 401Ks are even considered of being tapped. The FERS fund is payed for, that’s why they raided it.
So true. Some here are stupid enough to think that what happens to government workers won’t happen to them.....lol.
this estimate has the unfunded liabilities at $114 trillion or more than $1million per taxpayer !
http://www.usdebtclock.org/
Please provide an example of “some here” to support your little dig at other FReepers.
About double that if you include the military.