Federal Government Hits Debt Ceiling: Raids From Pensions

[David Shea]

The Fed has exhausted it's debt limit... and can no longer borrow.  Federal retirement funds are being used to float the government.  What will they do next? 

Follow the link for more details....

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

[Stand Alone Defense]

Yeah that is awesome!! Really makes you wonder how all these politicians managed to make it all the way to this point.  With their sense of decision making how they got through their childhood without choking on a marble or getting hit playing in traffic at 3 years old baffles me.LOL

Hopefully something changes soon cause it sure doesn't seem that we are heading for good times!!

[cedarman]

I'll admit, I haven't read the article yet.  My intial response to the news is I bet they don't raid the congressional pension plan

[al brodeur]

I do not think that any elected official should recieve a pension or health benifits. how many times have you heard a politician state " I am running to help the people" this way they would prove it and any time one gets caught in a lie fine them $100, there would soon be no national debt and a lot less BS from them

[rod anode]

bernie says that ALOT

[kevin]

The gov't spends $125 BILLION more per month than it takes in!  That sounds sustainable.  How can these people not realize there is a problem that needs to be solved NOW?

[mirjo]

“Everything should be on the table, except raising taxes,” House Speaker John Boehner (R-Ohio) said on CBS’s “Face the Nation.” “Because raising taxes will hurt our economy and hurt our ability to create jobs in our country.”

Is it me, or is this just getting old?

I'm just wondering where are these jobs? Weren't taxes cut about 10 years ago? Hasn't there been an on going tax-job argument for close to 4 years now about taxes and jobs? Unless I'm missing something, I haven't seen anything happen, just a lot of talk about it.

[Norton]

yes mirjo, that fallacy is getting old, but don't expect them to stop saying it.  Part of the strategy is that if elected officials say something enough times, eventually some folks start believing it.  Never mind that most economists agree that if you want to stimulate the economy with tax cuts, the cuts should go to the middle and lower classes, because they will spend the money, and they'll spend it here in the US.  Tax cuts for the wealthy are more likely to end up as savings or overseas investments.  Yes, you can argue that more money for the wealthy means more money available for investment (and it does, to a degree), but most economists think stimulating demand by giving the cuts to those who drive the demand is actually more effective.  The demand creates the investment that creates the jobs.