Another Day, Another Outrage
Yesterday's outrage was the filing of a charge by the NLRB aimed at stopping the marvelous Boeing Company from building a new plant in South Carolina. Because in South Carolina unions can not force employees to join a union, the union thugs who support Obama are being rewarded with this outrageous and anti-American action. Since when can the federal government tell a private company in what states it can build a plant?
Today's outrage is the plan to plunder the retirement funds of government employees to cover the spending plans of this administration. Could your retirement account be next?
Treasury to tap pensions to help fund government
By Zachary a. Goldfarb, May 15, 2011 Washington Post (Excerpt)
The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses 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 the government poised to reach that limit 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.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.
The maneuver buys Geithner only a few months of time. If Congress does not vote to raise the debt limit by Aug. 2, Geithner says the government is likely to default on some of its obligations, which he says would cause enormous economic harm and the suspension of government services including the mailing of Social Security checks.
Many congressional Republicans, however, have been skeptical that breaching the Aug. 2 deadline would be as catastrophic as Geithner suggests. What’s more, Republican leaders are insisting that Congress cut spending by as much as the Obama administration wants to raise the debt limit, without any new taxes. Obama is proposing spending cuts and tax increases to rein in the debt.
“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.” Washington Post