Tuesday, March 07, 2006

US Treasury Raiding Federal Pension Funds

So the US Treasury desperately needs money to keep their war mongering & agendas floating, but there is simply no money to raid (especially since bankrupting SocSec has gone over w/the American people like a lead balloon) and God knows, they simply CANNOT raise taxes to the Clinton era level b/c the wealthy would simply wither up & die!. No need to fear... they will simply raid fedrl pension funds! CBSNews: Treasury Secretary John Snow notified Congress on Monday that the admin has now taken "all prudent and legal actions," including tapping certain govt retirement funds, to keep from hitting the $8.2 trillion natl debt limit. In a letter to Congress, Snow urged lawmakers to pass a new debt ceiling immediately to avoid the 1st ever US default on its obligations. In his letter, Snow notified lawmakers that the Treasury would begin tapping the Civil Srvce Retirement & Disability Fund, which Treasury officials said would provide a "few billion" dollars in extra borrowing ability and the Treasury has also been taking investments out of a $65.3 billion govt pension fund known as the G-fund (part of the Fedrl Employees Retirement System)." Nice to see that we're in for a world of hurt that'll make the Great Depression look fun. I guess the days of keeping your hard earned money inside a mattress will be the ONLY way we can hope for any savings accts.
Posted by Tina :: 12:52 AM :: 5 Comments:

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