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?
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.
I’ll wager congressional pensions are off limits.
ping.
ping.
If Geithner and all the other Obama crooks would pay their back taxes and then pay 75% of their wealth into the Treasury, our economy would be in good shape. But nooooo! They are keeping their money for themselves and screwing the American taxpayer/worker, again, and without vaseline.
Lesson 1:
Why the U.S. credit rating was downgraded:
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget:
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
Got it?
OK, now Lesson #2:
Here’s another way to look at the Debt Ceiling:
Let’s say, you come home from work and find there has been a sewer backup
in your neighborhood, and your home has raw sewage up to your ceilings.
What do you think you should do?
1. Raise the ceilings, or
2. Pump out the sewage.
Your choice is coming in November of 2012.
This action is a non event. There is no pool of assets to dip into unless this involves the personal retirement accounts. I assume that Little Timmy does not have access to the personal retirement accounts for federal employees. There is no asset pool for the FERS plan (nor CSRS either). Any money put into the FERS fund is immediately spent on other programs. It makes no difference if the money is put into the fund or not. It is simply an accounting gimmick (fraud is more accurate) to dupe the public and give government employees a reason to gripe.
The reporting on government finances is atrocious. Do news organizations have an ounce of financial literacy?
There is none....because they KNOW taxpayers will be leaned on to make up the shortage.
Let the government Union employees have cuts to their pensions!
Thanks for this thread.
Same thing the State of Illinois did. Raided the state pension funds, left a bunch of IOU's in them, and left the Illinois Taxpayers on the hook to make up 80,000,000,000 in shortfall.
Obama certainly learned that lesson well while a state Senator.
Impeach the corrupt bastards!!