Government to Tap the Federal Retirement Funds to Run Government

[FrankRep]

http://news.xinhuanet.com/english/2009-02/15/xin_422020615083929653594.jpg


Treasury to tap pensions to help fund government (http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-to-help-fund-government/2011/05/15/AF2fqK4G_story.html?hpid=z1)


Washington Post
May 16, 2011



The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost 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 that limit reached 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.

...


Flashback:

April 5, 2011 - Timothy Geithner: In a Debt Emergency, Use Federal Retirement Funds! (http://www.ronpaulforums.com/showthread.php?286953-Timothy-Geithner-In-a-Debt-Emergency-Use-Federal-Retirement-Funds!)


Forward thinking:

Are 401(k) (http://en.wikipedia.org/wiki/401%28k%29) Retirement funds safe in a Debt Emergency? Good question.


2010 - Obama Needs Your 401(k) to Balance His Budget (http://thenewamerican.com/usnews/congress/4413-obama-needs-your-401k-to-balance-his-budget)

The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth…pennies on the dollar.” by Bob Adelmann

2010 - Obama Administration Plans to Seize 401(k) Retirement Accounts (http://www.thenewamerican.com/index.php/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts)

One aspect of a new and improved federal regulatory scheme outlined in the Annual Report on the Middle Class is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds. by Joe Wolverton, II

[Vessol]

Are they taping the retirement accounts of Federal workers or private accounts of individual citizens?

Social Security already goes directly into general revenue, it has done so since the 1970's, why don't they admit that? This article is very misleading.

Geitner is smart though. Scare old people, the biggest voting bloc in America, that will get what they want.

[FrankRep]

Are they taping the retirement accounts of Federal workers or private accounts of individual citizens?

Federal Retiree Programs

[Agorism]

See proves there never was a "fund" for retirees.

It's all just slosh fund for the government to spend on whatever it needs.

[Anti Federalist]

Another First Step in US Government Tyranny Has Been Taken

Posted by David Kramer on May 16, 2011 11:38 AM

http://www.lewrockwell.com/blog/lewrw/archives/88285.html

It was just last Thursday, May 12, that lewrockwell.com posted an article on how the United States will follow the examples of the governments of Argentina, Hungary, and Ireland by going after private retirement funds as a new robbery revenue source..

Today there is a news story that the United States Secretary Treasury Geithner announced “that he will halt investments in two big government pension plans so the government can continue to borrow money.” Though this is only involving public pensions for the moment, rest assured that this is the first small step in tyranny that will sooner than later be followed by the United States government announcing that it will either start taxing private retirement funds like 401Ks and IRAs or demand that private retirement funds set aside a small portion of their capital to purchase government bonds in order to pay down the federal debt.

The government gave, and the government will taketh away.

[Koz]

See proves there never was a "fund" for retirees.

It's all just slosh fund for the government to spend on whatever it needs.

Hey why not, they already stole the Social Security Trust, I just hope they go after the congressional pension first.

[tasteless]

Well now if anyone wants to say "RON PAUL WILL TAKE AWAY YOUR SOCIAL SECURITY!!!!11111oneoneoneone" then you can point out that the government is already taking your social security.

[Cap]

They are going to tap into the FERS "G Fund". The G Fund is Federal employees personal investments in Government Securities.

[QueenB4Liberty]

I only have a few thousand in mine. But I really hope they don't come after private sector pension/401ks. :( My parents have a lot of money in theirs.

[FreedomProsperityPeace]

Well now if anyone wants to say "RON PAUL WILL TAKE AWAY YOUR SOCIAL SECURITY!!!!11111oneoneoneone" then you can point out that the government is already taking your social security.That won't change their minds. They'll just blame it on Republicans refusing to raise the debt ceiling. :rolleyes: Obama will do the same if he starts taking heat on this.

[awake]

The debt will be paid by the people who think they have life savings. The people who are up to their eyes in debt (the government included) will, through their representatives, confiscate any thing they can get their hands on. Those most in debt pray for salvation by way of inflation.

The lesson: debtors will be given the bailout of the century, rewarded for spending like crack whores; savers will be robbed into destitution, destroying all faith in the fundamental act of civilization. How's that for the moral of the story. And I need not even mention the massive psychological effects this will have on both groups.

The calls for government to fix it all will be very loud, but only slightly louder than the crying, wailing and gnashing of teeth.

[Tinnuhana]

Guess it's time to get out of G Fund! I wish they'd pass RP's bill to make a new TSP fund of physical gold and silver. Most likely it iwll be attached to another bill, not as a stand-alone. I've talked with several teachers and some military over here; they seemed to like the idea.

[Sola_Fide]

We are doomed as a country:(

[Kylie]

haha!

I pulled my 401k just before the meltdown in 08. I had made a killing on what little I had put in, and was fully vested, so I yanked it.

Sure am glad I did. Put it into something solid in my firebox.

[Pericles]

Hey why not, they already stole the Social Security Trust, I just hope they go after the congressional pension first.

That is how Klinton got to a balanced budget while having to increase the debt limit at the same time.

[sevin]

It's amazing what's happening. On a social level, the continued robbing of the middle class by banks and government is going to have some major consequences. One of the most notable is that people will not be able to retire. That means baby boomers counting on social security or pensions will be out of luck. So what will happen to them? Many will continue working which will help keep unemployment high, and those who can't work will be crowded into miserable "homes" or forced to move in with their children. I guarantee there will be a great deal of three generation homes just like the last great depression. Are you prepared to take care of your parents?

[ronpaulitician]

"The evil fiscal conservatives forced the hand of our president!"

[PaulConventionWV]

http://news.xinhuanet.com/english/2009-02/15/xin_422020615083929653594.jpg


Treasury to tap pensions to help fund government (http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-to-help-fund-government/2011/05/15/AF2fqK4G_story.html?hpid=z1)


Washington Post
May 16, 2011



The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost 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 that limit reached 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.

...


Flashback:

April 5, 2011 - Timothy Geithner: In a Debt Emergency, Use Federal Retirement Funds! (http://www.ronpaulforums.com/showthread.php?286953-Timothy-Geithner-In-a-Debt-Emergency-Use-Federal-Retirement-Funds!)


Forward thinking:

Are 401(k) (http://en.wikipedia.org/wiki/401%28k%29) Retirement funds safe in a Debt Emergency? Good question.


2010 - Obama Needs Your 401(k) to Balance His Budget (http://thenewamerican.com/usnews/congress/4413-obama-needs-your-401k-to-balance-his-budget)

The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth…pennies on the dollar.” by Bob Adelmann

2010 - Obama Administration Plans to Seize 401(k) Retirement Accounts (http://www.thenewamerican.com/index.php/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts)

One aspect of a new and improved federal regulatory scheme outlined in the Annual Report on the Middle Class is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds. by Joe Wolverton, II

This is good for us, right? It just brings a focus on the economy, and we all know the worse economy gets, the better Paul looks. Obama also loses some credibility.

[Qdog]

This is good for us, right? It just brings a focus on the economy, and we all know the worse economy gets, the better Paul looks. Obama also loses some credibility.

HA! I didn't think it was possible for Obama to lose any more credibility? :)