Thursday, March 09, 2006

Financial collapse coming soon?

The Treasury Department has started drawing from the civil service pension fund to avoid hitting the $8.2 trillion national debt limit. The move to tap the pension fund follows last month's decision to suspend investments in a retirement savings plan held by government employees.

In a letter to Congress this week, Treasury Secretary John W. Snow said he would rely on the Civil Service Retirement and Disability Fund to avoid bumping up against the statutory debt limit.

They are running out of money so much that they have to steal from the retirement fund. Could financial collapse happen soon?

I think it is eventually going to happen and this will only delay it.
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1 comment:

ba ba said...

Lest we forget, that is exactly what they already have done in the private sector. Of course, most with private pensions vote conservative, so the government faced no real consequences for stealing their money. But with the civil service, they are hitting labour votors. This demonstrates how dire our financial situation as a nation is.

If you want to shoehorn Britain into europe against the populations wishes, one good way would be to cripple it (the stick) then say we have to sign the treaty to get our own money back (the carrot), saying all the time that its for our own good.

disgusting, and very nu-labour.

11:14 am, March 12, 2006

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