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Retirement Fund Plunder Update: $206 Billion So Far, $62 Billion Left
As of today, since the debt ceiling breach on May 16, the Treasury has plundered about $206 billion from the two primary retirement accounts: the G-Fund and the Civil Service Retirement and Disability Fund, according to calculations performed by Stone McCarthy. The full breakdown for sticklers is provided below, however what is more important is that with just 4 weeks left until the D-Day, there is about $62 billion in available debt ceiling stretching options. In other words, Tim Geithner has burned through 75% of his dry powder just 50 days into the debt ceiling breach. What happens in the next few days - Stone McCarthy gives the full breakdown "Based on our projections for marketable borrowing and trust fund flows, we think Treasury would need to use about $37 billion of that $62 billion in July, and would exhaust the rest with the settlement of auctions on August 1. If things go down to the wire, Geithner could create a little more room by declaring that the Debt Issuance Suspension Period will last longer than the original May 16-August 2 timeframe, which would be reasonable if Congress hasn't acted by August 1 or August 2." Said otherwise, with the market still completely ignoring the debt ceiling situation, if nothing has changed by the last week of July, it will once again, very much retroactively, panic.
SMRA reminds us that QE is now over, which means Primary Dealers will now be used as a monetization buffer. "Based on our current cash flow projections, we think Treasury could pay its obligations for the first couple of weeks of August, and probably manage to pay the August 15 coupon interest payment. That assumes that Treasury would be able to roll over maturing debt at auctions in the first half of August, even in the absence of a debt limit increase. We imagine under such a scenario that there would be stepped-up pressure on primary dealers to participate in Treasury auctions."
As for government retirees, here is how the funding backing your retirement accounts if being used:
A tabular summar of sources and uses to date:
As for what the current status of (non) negotiations is, here is the summary of SMRA's Nancy Vanden Houten:
Over the last few days, we've learned that the President has had some high-level budget talks -- notably with House Speaker Boehner The President met with Congressional leaders today, and will do so again on Sunday. If we can believe what we're hearing, the President and the Speaker at least appear to be aiming higher in their negotiations on a deficit reduction deal. Previously, the talks had been focused on deficit reduction of about $2.5 trillion, or a little more than any voted-upon increase in the debt ceiling. In the last few days, a deficit reduction package totaling about $4.0 trillion appears to be back on the table.
Certainly, a deficit reduction deal totaling $4.0 trillion would be a huge step toward addressing our long-term fiscal crisis. But we think an agreement of that magnitude is still a long shot. A deficit reduction deal of $4.0 trillion would have to have a fairly significant revenue component; otherwise, the necessary amount of spending cuts wouldn't get much support from Democrats in Congress. On the other side, a large block of Republicans still opposes a deficit reduction deal that raises any revenue all. Surely the President and the Speaker know this. Do they think they can persuade their parties to come around and sign on to a "grand bargain?" Or are they posturing in front of an agreement on a smaller deal that gets us through the next election? We could see how the President in particular might benefit from that outcome: "I was willing to meet them more than halfway...to accept less in revenues that I'd like and support more cuts in programs that are most important to Democrats, but they wouldn't take yes for an answer."
And for the latest update here is the NYT confirming that Republicans and Democrats were still "far apart" on said "grand bargain". Perhaps that article is best summarized with the following phrase:
“The big question everyone is asking is, ‘What are we getting?’ ” said Representative Edward J. Markey, Democrat of Massachusetts.
Alas, gone are the days of idealistic monologues by JFK that would have provided a witty rejoinder to the above. Instead, we get the days of US insolvency and pillaging of retirement accounts of former government workers.
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http://thehill.com/homenews/senate/152223-reid-accuses-gop-of-threatening-social-security-in-funding-fight
“It’s not just an exaggeration that Social Security is headed for bankruptcy, it’s an outright lie,” Reid said.
Reid and other Democrats at Monday’s event note that Social Security has a $2.6 trillion surplus and is projected to pay out 100 percent of benefits until 2037. After that point it is projected to pay out about 80 percent of owed benefits unless changes are made to the program.
Cash balance in the (alledged) trust fund is ZERO.
IOUs are not cash.
Here's what we could do.....
Sell the SS IOU's (making what is "non marketable" marketable). Use the $2.6 T in proceeds
to fund our budget deficit. This gains us 1.73 years prox., and allows congress and the
commander to do nothing for awhile. When we have depleted this "Trust Fund" we can
.then start marketing the Medicare "Trust Fund" and finish with the CSR "Trust Fund."
By my guesstimate we have three years to stall using this technique
Then in 2014 we go to pass through accounting! Expenditures = Revenue plus what you
can finance if there is still an annual deficit.
Funding in the US will then cost about what it does today in Greece and Portugal.
It will be entertaining to say the least to watch the lobbiest lobby at that time!
Or maybe congress gets responsible and we avoid the above scenario?
Doubt it.
Those IOUs would be backed by the full faith and credit of a bunch of old broken down fat Boomers? Good luck with that sale.
That's correct Rocky!
I'm thinking the price for debt will be going up pretty soon.
Actually.... they kinda are.
Absolutely.
http://www.youtube.com/watch?v=7GSXbgfKFWg
"That's as good as money. Those are IOUs." Classic Ponzispeak!
They are non-marketable treasury securities. However, What prevents Timmy G from entering into a $1T 90-day Repo with the FED with the non-marketable treasury securities? The Fed has certainly accepted more worthless collateral to justify its money printing. Treasury is openly exploring options with the FED to maintain the ponzeconomy in the event they don't get Congressional permission to continue business as usual. Given that the Treasury has by it own action demonstrated that pension obligations may be freely plundered to feed the beast, why not plunder the big lock box of pension obligations? As worthless as most government employees are the government pension obligation to them is actually more binding than Social Security which is subject to annual adjustment by Congress.
I am constantly amazed at the number of people who believe that Social Security is ‘Fully Funded’. And when they hear a dissenting opinion, rather than exhibit any curiosity into the matter, they just repeat the same mantra that all politicians give; Social Security is Safe. WTF?!? Why are these politicians allowed to lie like this?!? I’m guessing at some point these Ivy League Jackasses must have taken an econ course or two – They must know what utter Bullshit this is.
It’s damn hard to be compassionate with the aging population when you can easily discern the true state of these ponzi schemes. I don’t want people to suffer, but some need a dose of reality to wake them the fuck up.
If Social Security wasn't alright, how could we afford to enact a 2% reduction in FICA for 2011? For a couple making the max contribution, that's more than $350 a month and I think the total for all is like $30 billion that SS will never see. I never heard a peep out of AARP over this, how is this not a cut?
Doesn't bother anyone that Grand Ma and Grand Pa were Robbed for their Contributions that Exceeded the Needs of the Program?
The effects won't be felt until 20 years later
Fuck it give them bitchez MREs and section 8 housing. EBT cards and gubmint Cheese. Let it be a reminder to the rest of us what happens when you let the gubmint plan for your future so we can plan accordingly!
Maybe so. I suspect they will someday soon get paid in GE's.....gubmint equivalents.
soylent green, anyone?
The Repubs are no prize but hussein and his dems are real a*s *uckers.
How do you get blood out of a stone, the stone being the bankrupt Federal Government and virtually the whole of the American people at large?
That being said, I don't give a shit about the 25% of the US population eligible to receive a pension. Let them eat cake or go pound sand, makes no difference to me.
OT
I just thank God I won the war against the eco-fascist global governance people who wanted so bad a global carbon tax. That was to be their trillion dollar a year market and the third leg of the global governance stool. Those people can go pound sand too.
HA Ha!
And I suppose you include the hundreds of thousands of retired military personnel who, over 20-35 years each, defended your right to "life, liberty, and the pursuit of happiness"? And the thousands of families who have lost soldiers, sailors, airmen, and Marines in that defense and who receive some form of benefit from government?
Why are there so many angry men on ZH who promote open generational and socio-economic warfare? Is it that, because you are young, you are selfish and cannot grasp that you stand on the shoulders of giants? Is it that you suffer from a Napoleonic complex of some kind, and feel small and unappreciated? Is it because you a psychopathic or sociopathic? Narcissistic?
The answer here is not generational or socio-economic warfare. Honestly, all that would do is result in many deaths, agony, and the perpetuation of evil. The answer lies in youth rediscovering respect for their elders, committing to taking care of their families, dedicating themselves to self-sacrifice and hard work, and taking lawful action to restore liberty, private property, and free enterprise. The easy way out is to point fingers at and shout down those you want to blame for your circumstances. The high road, which demands courage and sacrifice, is to work within the law to find solutions that benefit all.
So, stop pissing and moaning about how grandpa ruined your life. Get off your ass, get to work, get invovled in local political campaigns, start a business, write a blog promoting liberty, and generally be positive and productive rather than whiny and worthless.
Fuck you.
Good point. Spoken like a true asshole.
Oh ... you want the long version? I thought ZH didn't have attention span for it.
I don't respect people who steal from me and my children. Do something respectable and I will respect you.
Oh I am committed, you better fucking believe it. Come at me mofo to take my last can of beans and you will see my commitment to protecting my family from you theiving shits.
Been working hard and sacrificing my whole life to pay for your fucking luxurious retirement, I'm done now.
Not possible, because the laws have changed to prevent the restoration of those things. Guess who by?
If such a solution were found, the law would be changed.
Get off yours.
Follow the jobs to India where you sent them?
To what end?
With what capital?
Now you are just taking the piss.
Sorry, whiny and worthless is your generation's specialty, not mine.
Largely, we are where we are do to the leadership of folks that are now 60 to 80 years old. Should we kick them to the curb? No. Should we cut them back hard? We must. Everyone needs to suck it up, and the old need to admit they squandered their paycheck and yours, to keep their bad habits going. Sorry. My folks are welcome to stay at my home
This was the same attitude of most of the "Teapartiers" I saw and meet. Most over 60 years old, most want to save the Country "for our grandchildren", no cuts to SS or Medicare (we paid it, we deserve it) and cut Medicaid, unemployment, food stamps, etc... No willingness to share the sacrifice, just a "take care of me, fuck everyone else" attitude. I quit going to the rallies, now I just wait and prepare for the collapse.
I wish more people would write sites like this that are actually helpful to read. With all the fluff floating around on the web, it is rare to read a site like yours instead.
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Great to see...welcome to the real world gubmint retirees ;)
AARP will not allow touching SS or Medicare.
It has become possible in the past 6 hours or so, that there can be no deal.
That would downshift to 90 day or 180 day ceiling increases, at 150 billion in cuts per increment.
They're in trouble.
It's important to understand that any tax increase or spending cut in FY 2012 would be fiscal contraction and would raise unemployment. Obama can't go this route. The Tea Party may demand nothing less.
It's too late for those who ask for austerity not to also ask for a fundamental demographic change to the nation -- by force.
I'm shocked the Karl-bots haven't already started going down to the local welfare houses to scope out targets.
So, in August, Timmay! will need to sell about $400 billion to fund those accounts and for the standard monthly deficit of $150 billion? Good luck to him without money printing 3.0 up and running yet.
No wonder Timmy is trying to quit. Hope and Change. Nice job by the scum who voted for the kenyan.
at the "top of his game"...
When the going gets tough....
I suppose they are all fully vested in govt. retirement once they make it to the 6 month mark. "Turbo Tax" Timmy should go hide under the same rock as "Stammerin" Hank Paulson.
Social Security has a $2.6 trillion surplus? Of Gov. IOU's. If SS had a real surplus, Timmy would be
raiding it to keep the Ponzi going.
There are people who check Tims math on this situation right? I mean this guy couldn't even figure out how to pay his taxes.
There are a bunch of guys from GS & JPM who are probably concerned about their next monthly TBTF transfer payment and are checking his math.
Cut him some slack. I hear he just upgraded to Timmy, er, TurboTax 3.0, the Fed edition. It promises the 'Biggest Refund. Free' so he's gonna run with that awhile. Bonus is that his 'Get Out of Jail Free. Get a Job with GS' card is included.
it's a bloody disgrace not only robbing pensions but the financial 'planning' that got us here ...the fact nobodies resigned pinpoints the lack of integrity and professionalism of this bunch of big spendng, inept, irresponsible debt-junkies
the disgrace is that they haven't been arrested. no accountability.
'Stepped up pressure on primary dealers' is an understatement. They will buy, only they won't
be able to roll it back on the Fed until QE3, which will tie up capital in banks. We probably won't
see QE3 until stock market crashes and who knows how long that will take. It reminds me of the
old movies when I was a kid. The villain would have the girl tied up in the cabin with a keg of
dynamite with a lit fuse and the hero would be riding on his white horse to save her. The fuse
would just keep on burning for the longest time while everyone was on the edge of their seats
biting their nails. Except this time, there are giant kegs of dynamite with lit fuses burning
everywhere you look and we are all expecting the blast any minute but the fuses just keep
burning and the tension keeps mounting. It doesn't look like most people are taking cover, but
as for me, I surrounding myself and family with heavy metals to shield us from the blast.
The fuse has been lit and burning for so long that I have started to wonder if this accounting really means anything in the end. Numbers on paper is the basis for life and death in the world. Fucking amazing reality. You would think humanity would have advanced further than this. Sigh....
They lit the fucking fuse back in the Carter Administration.
You might say the fuse was lit in by LBJ, or JFK, with their bizarre notions of "new frontiers" and "great societies" and horrific immigration reform. You might say it was lit by FDR, with his perverted and twisted Statism. Or by Woodrow Wilson's grand design of American Empire and the Idea of Progress. Or even earlier, when Lincoln and a bunch of Northeaster Moneyed Interests chose to burn the Consitution and invade the sovereign C.S.A. Or, possibly even earlier, when Alexander Hamilton won out in the battle over banks, money, and finance. Or even when the Founding Fathers decided to settle a dispute by declaring a slave 3/5 of a human. Or maybe it goes back even further, when the Radicals in France decided to slaughter their anyone they wanted in the name of equality and fraternity. Or perhaps it was during the "Enlightenment," when Sisyphean intellectuals introduced the notion that Man not only could, but should, kill God. Or maybe it was Julius Caesar who lit the fuse, when he destroyed the Republic.
The fuse has been lit since Man found fire to light it. Why? Because men, in Original Sin, act solely in what they perceive to be their self-interest. Money is merely a means. The root of all evil is Self. And men always try to lie, cheat, steal, or otherwise to promote themselves. It is greed, pride, and selfishness all rolled into one. Self. And evil-mongers like LBJ, FDR, Lincoln, Hamilton, and so forth will always seek and achieve power in order to promote themselves and what they think are their interests.
Too bad the CONgreff pissed away their sworn duty to issue money themselves to the private kleptocrats back in 1913.
You are ugly and you are correct!
Prohibition, income taxes, and popularly elected Senators, all around the same time. The seeds were sown a long time ago.
So what happens to the pension funds now if they don't raise the debt ceiling?
See my comment above. I believe they go from "non-marketable" to marketable.
In other words the Treasury shall convert "inter governmental debt" (non-public) to public debt.
Within three years the entire $14.3 T plus three years of additional deficit funding of $4.5 T
(because the lackey's in congress will not solve anything) = $$18.8 will be entirely public.
This won't happen if any of the three "Trust Funds" have annual operating profits, and or congress
and the commander reduce the deficit. Do you think this will happen?
What do you think the market will price US debt issues at then? I think 15-18% for the ten year.
Another related thought is: How much of the above debt will be held by our central bank and
it's prmary dealer's?
Just my idle thoughts on the matter.
LOL,from https://www.tsp.gov/investmentfunds/fundsheets/fundPerformance_G.shtml
Under "Risks" we see only one risk they are willing to acknowledge:
The G Fund is subject to inflation risk, or the possibility that your G Fund investment will not grow enough to offset the reduction in purchasing power that results from inflation.
Nowhere do they mention the risk that those non-marketable securities issued to the G fund may actually be un-issued at any time, effectively borrowing the same money a second time. The risk being, obviously, that you have to be paid back twice. As if getting paid back once wasn't looking ever more tricky.
Hilarity.
I think your onto something here Fischer!
Doesn't bother anyone that Grand Ma and Grand Pa were Robbed for their Contributions that Exceeded the Needs of the Program?
Serious question...
If a default is coming then why has the market not priced this in? And where are rates going? Noone has been able to answer this question in a serious manner. Is the 10 year going to jump overnight to 10%? What is the haircut bondholders will have to take? Why haven't US CDS gone parabolic like Greece
Random:
The ten year and other rates have not risen due to a very large purchaser of bonds
with a never ending deep pocket (our central bank and it's priary dealers).Their purchases
keep the price of US treasuries high and conversely the associated interest rates low.
There will be a day I suppose when they are either embarrassed or intimidated out of
further purchases. It is at this time that you will see a marked increase in the pricing
of debt i.e., interest rates for these debt instruments.
Humbly.
China's Central Bank has 1,200% Leverage Against EVERY! Renminbi Printed.
The U.S. FED has 120% Leverage Against Every! Dollar Printed.
You dont like that answer? well, the answer is no matter how fucked up you think we are.. here in the U.S. that the rest of the world is at least 10 times worse off than we are. and when I say 10 times worse off I mean the part of the World that everyone is moving to, too get ahead! China has 10 times more leverage from their central bank than we have from the FED.. it should be noted that these numbers are more than a few months old now and the leverage will have changed (for the worse) but the idea presented will still hold water.
http://www.youtube.com/watch?v=3g_osF4mXWU
Max Keiser [7-7-11] 'Europe's Neo Feudalism' Stacy Herbert and Michael Hudson [KR]
Thanks, JW!
JW:
If you don't mind, how do you define "leverage" and "dollar printed" that you mentioned above?
Disabled and Elderly American's: "Tis but a scratch"
Non-sheep: "A scratch??? You're Arm's off"
Disabled and Elderly American's: "No it's not, and anyway I have to watch Casey Anthony"
Yeah and when does American Idol start up again and or Dancing with the Stars?
Sooooo....very unpleasent this economic reality!
There you go, bringing 'reality' into it.
Ben, Tim & Obama...Great seeing you are using pension funds to drive the markets higher. Maybe next, you will empty citizen savings accounts to fund the perpetual risk trade.
You both are irresponsible civil servants and deserve no second term. Termination to your existing term should be considered.
Everyone in gov. knows that the final solution will be to print money to cover entitlements.
Gov. pensions, SS , medicare, medicaid, food stamps, unemployment benefits, ect. are all
politically uncuttable. What is going on now is political theatrics. In the end, the only acceptable
solution to the masses will be raise taxes on the rich, close some tax loopholes, cut some fluff
out of the budget, and print the other 95% needed to keep the status quo. Of course this will
cause a rapid rise in inflation and eventually the collapse of the dollar but it will keep the Ponzi
going for a while.
This default possibility is pure entertainment, I only hope there is some chance we maintain this political impasse past August 2nd, resulting in some beautiful creative anarchy erupting into our degenerately ordered society.
If I do taste bitter defeat, I will turn and redouble my physical silver accumulation in order to hasten the D-Day on the Crimex. This candle is officially burning at both ends. Multiple lit fuses all crackling and hissing towards the same fuel depot of ludicrous proportions.
I see the PM's as an oppertunity.
Let it all burn. Then maybe there will be sufficent recovery from the ashes.
The austerity theatre of Congressclowns notwithstanding, the only debt limit is the one imposed by foreign creditors, notably China and Japan.
China and Japan are only brother #3 and brother #4.
Brother #1 is actually Timmy G, and brother #2 is Benny B - authoritarian statist ponzi scheme that it is...
Ta Mok and Leng Sary couldn't hold a candle to Nuon Chea and Pol Pot.
China and Japan quit buying a long time ago. The Fed is now the biggest buyer.
we can do this if we just stay focused on the Plan:
The Big Whatever
I'd like to ask that folks refrain from blanket blaming of "boomers" for the coming shitfest. I'm one of those boomers and I've been a Libertarian since my teens. The system has juggernauted its own way ever since then and I had nothing to do with it. Instead of pissing and moaning about the problem, I'm taking action. I've got my money out of the system, I survive in the underground economy and I don't pay income tax or expect to use SS and Mediscam.
Also realize that the financial meltdown is the Achillie's heal of the Enemy. The boomers have (admittedly inadvertantly) primed the self-destruct mechanism of this evil system and now all the post-boomers have to do is make revolution.
The next time one of you post-boomers feels like blanket tarring an entire demograpic I challenge you to instead live up to my example. You think you have a problem? Then quit pissin' 'n' moanin' about it and go fucking do something about it.
I for one am part of the solution. Before you throw bananas at me, I hope you can make the same claim.
http://grandfubar.com
http://67.208.112.48/protest/
yep. with The Big Whatever as the plan, anything can happen.
soc/sec eligibility (as far as i know) comes at 40 quarters' participation, whatever that means according to the rules. whenever i have a question, i just go to the local office, take a number, wait for about 20 minutes, and talk to somebody who can answer my questions.
i tried this at the irs once. that was a mistake.
You also have to laugh at the young people who are so ready to throw Granny under the bus for the benefit of big banks and big government. What do they think the big boys are going to do to them when their turn comes around.
When you stick up for the rights of others you are sticking up for yourself. When you sell out others you are selling out yourself. If this does not make sense to you now it will when it is too late.
These will all be Bailed out by the Fed Printing Presses either directly or indirectly....so don't sweat it.
The Fun will begin when the Gubberment takes over private pension plans (401k, IRAs, etc) to pay for its debts......
screw those who are retired or going to retire. as long as we can keep bombing foreign lands. terrorists, etc. that's all that matters to me. If interesting note, notice how this doesn't get much play in the media, we talk about budget stuff but the president never mentions it, or does he say: OK boys fine, we will start cutting own military operations because of funds.
I voted for this president, hate him, he has got to be one of the biggest loosers on the planet.
The US government is also plundering military vets including active duty and this is getting almost zero press
http://www.youtube.com/watch?v=kZd322Wyix8
Alas, gone are the days of idealistic monologues by JFK that would have provided a witty rejoinder to the above
This was always my favorite JFK rejoinder (and no teleprompter, too)
http://www.youtube.com/watch?v=GXEkz6ksxdk&playnext=1&list=PL776D2FF204A5DF46
RAISE THE RETIREMENT AGE
If you raise the retirement age to 70 or 75 years, there will be less people who will survive long enough to plunder the hard earned cash of the government!
REACTIVATION OF RETIRED PEOPLE
Any retired people below 75 can be reactivated and put to work in the US gold mines so the FED can mine those 8000 tons of gold which they hold on the books but still is encased in bedrock.
LOWER THE MINIMUM AGE OF WORKERS
People who are 12 years and older and who would like to work should be allowed to work. It's also good to replenish the retirement accounts for those who really should urn retirements: government workers.
@ Sudden Debt:
I like this. Why stop there?
No Minimum Age of Workers: 5 year olds can work! Put the little bastards to use!
No Retirement Age: You wanna retire? Why? You're still alive, aint ya?
But even that won't save Social (In)Security. Revel in your atavistic impulses!
It is not that a sucker is born every minute.
On the contrary, a sucker retires every minute.
Now the sollution is so close!
Let's see what Social Security currently does according to their website :
1. We kind of solved this retirement problem in the previous post.
2. Survivors.... the first word IS THE SOLLUTION!!! Organize a kind of gladiator wars with lethal weapons per 100 people. The one that leaves the arena GET'S SS BENEFITS!!! AND = A 99% SAVINGS ON SS IS A FACT!!
3. Disability... Face it, those people don't have that much of a added value to society. It's like having a real cool Iphone and when it breaks down you say: I'm going to keep it in my pocket, recharge it every 8 hours and keep paying the phone bills. NO HOW FUCKED UP IS THAT? ANY NORMAL PERSON THROWS AWAY THAT BROKEN PHONE AND ONLY PAYS THE BILLS OF THE WORKING PHONE RIGHT?
While this is funny, I'm not sure you want to give them any ideas.
- Alexander Fraser Tytler (1747- 1813)
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been about 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage."
Meanwhile an incorrigible plagarist provided this quote:
"Democracy is a form of government that cannot long survive, for as soon as the people learn that they have a voice in the fiscal policies of the government, they will move to vote for themselves all the money in the treasury, and bankrupt the nation." Karl Marx
Final quote of the day...
"History may not repeat itself, but it sure does rhyme!" Mark Twain and/or Albert Einstein
When zh first broke this I sent it to a couple boomers who were retired government thinking they would spread it around or at least go 'meh, I'm not worried'. I got zero response. They didn't even say it was wrong. Just nothing. That's why this stuff will continue. No one cares.
They don't care because they think it doesn't affect them.
Once they'll notice it will, they expect everybody to care.
Then it's your turn to say: Meh....
Why don't they just raise the debt ceiling to $50 trillion instead of going through this pathetic disaplay each time, raising it (oh, there's a surprise) and then spending until they reach it again. No doubt they would reach $50 trillion, but it would take a little bit longer to get there.
Pathetic.
DavidC
Duh! If they did that, "fiscally conservative" Republicans and Democrats wouldn't be able to make empty gestures with orchestrated votes before every election. People need to be lied to at least every two years.
This is like Dillinger cleaning out the vaults, then ransacking the teller's purses.
Retirement is an old concept of centuries past. In Corporate America, if you cannot contribute NOW--you are worthless. So in Corporate America, retirement is detrimental to the state.
You.will.work.until.you.cannot.or.until.you.die.
Everyday that I'm driving to work...I pray for any disaster to end this stupid ass social construct. Anything. Anything at all will do.
We're all a bunch of programmed little happy bots that believe in a nonexistent society -- wasting our lives away for corporate profit.
awesome video on this exact thing by freedomainradio here
i neither work neither retire, my algos works for me!!
unlesss.
--- TOBIN TAX ---
"Instead, we get the days of US insolvency and pillaging of retirement accounts of former government workers.
Good, these fucks are the ones who led the US government to become a $4 trillion per year war mongering monster. Next up their homes, cars and personal effects should be nationalised
Nuclear power is safe. Agent Orange is safe. X-rays are safe. Hydrogenated fats are safe. Smoking is safe. Asbestos is safe. Thalidomide is safe. Aldrin is safe. Chlordane is safe. DDT is safe. Methyl chloride is safe. Methyl parathion is safe. Your government pension is safe. Social Security is safe.
also, your safety deposit box is safe