StudyGrowKnow

Federal Employees: Get Ready to Receive Your I.O.U.s…

May 16, 2011 at 7:35 PM 1 comment

This has been in the works for a bit, but apparently, according to Ray at Prophezine.com, the Federal Gov’t of the United States is going to be dipping into retirement accounts of Federal employees.  If this is true (and there is no reason to doubt it), this is pretty sad. This is what happens when the government continues to spend way beyond their means on the backs of taxpayers.

While many will continue to blame Bush for the expenditures that our government has racked up, the sad truth of the matter is that Mr. Obama’s Administration has done nothing to curtail spending; absolutely nothing.  He has spent like a madman on fire (that’s a metaphor) since he gained control of this country and instead of doing what he can to slow the process down and even reverse it, he has simply gone ahead and added insult to injury by overextending the government and now tapping into the dollars earned by those who work for the government.

Meanwhile, the liberal media is wasting time trying to highlight any and all Republican/Conservative individuals seeking to make a run for president against Mr. Obama, as racists.  That’s all they know how to do. It’s a great emotional distraction, and in the end, that’s all it is.  It serves to cover up or take attention off of the current administration’s policies and practices.

The media will call people racists and continue to blame George W. Bush for polices that allegedly put this country on the track to an increasing deficit.  Again, the problem is that Mr. Obama should have done something to curtail and reverse the increasing load of the deficit.  Instead, he has outspent Bush by quite a few trillion with no sign of slowing down or looking back.  This is where it has gotten us.

Read on for the full story from Ray:

SPECIAL PROPHEZINE NOTE
Folks – this just in – The Obama administration is going to tap the retirement funds of federal employees. This is due to the fact that the US has hit the official debt limit. Meaning that we as a nation are no longer allowed to borrow money.

This goes right in line historically with what other nations have done to ensure the further spending practices the government does in paying off the Sovereign debt.

Any money that the government can attach, they will. I have been warning of this day for about 3 years now. Eventually the US Fed Gov will go after private retirement accounts to help pay of the national debt

This is serious folks. If you are a Federal Employee, there is a VERY GOOD CHANCE that your retirement will be robbed right out from under your noses.

If this continues, they (the US FED) will then attach 401Ks, IRAs and other federally mandated / created retirement accounts with a stroke of the pen.

In other words, your money is no longer safe and can be legally robbed. Now the US fed gov may issue IOUs or credits or some other form of “repayment” but it will be at their whim and they will be calling the shots.

Bad news is that there is nothing you can do about it.

When the leaders in Argentina did this, the population was outraged, but again there was nothing that they could do.

Those who read the writing on the wall a head of time pulled their retirement money early and put it in some other form to maintain their wealth – cash revenue land – Precious metals – business investments, any means that they were able to preserve their wealth. They took the hit in penalties, but in the long run weathered the storm because of their actions.

I was a federal employee at one time and also contributed to the retirement plan. About 8 months ago we took the hit in penalties and pulled our money out.  I believe in the long run I that we will be glad we pulled it rather than keeping our money in the fed retirement program.

Folks, this is serious. Those who say that”it can’t happen” need to wake up and smell the coffee. They can literally wake up the next day and their money is robbed from their accounts. It has happened before, it will happen again. Ultimate power corrupts ultimately and these last  few as well as the present administrations have proven that they will do their will and not the will of the people.

Ray
Prophezine

BREAKING NEWS
Treasury to tap pensions to help fund government

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.

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 by Aug. 2 to raise the debt limit, 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 dispersal of Social Security funds.

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.”

The Obama administration has warned that it is dangerous to make a vote on raising the debt limit contingent on other proposals. But Boehner is demanding that Congress use the debt vote as a way to bring down government spending.

“I’m ready to cut the deal today,” Boehner said. “We don’t have to wait until the 11th hour. But I am not going to walk away from this moment. We have a moment, a window of opportunity to act, because if we don’t act, the markets are going to act for us.”

Geithner’s plan to tap federal retiree programs as a temporary means to avoid a government default comes as the Obama administration has shown growing interest in altering those programs to curb the debt in the long run.

Administration officials have expressed interest in raising the amount that federal employees contribute to their pensions, sources told The Washington Post.

The Republicans have suggested that the civilian workforce contribute more to its retirement in the future, effectively trimming 5 percent from salaries. The administration has not been willing to go that far in talks being led by Vice President Biden.

Treasury secretaries have tapped special programs to avoid default six times since 1985. The most protracted delay in raising the debt limit came in 1995 after congressional Republicans swept to power during the Clinton administration.

But today, the government needs far more money to cover its obligations than in the past, making the special measures less effective than they used to be. The government needs about $125 billion more a month than it takes in each month.

In a letter released last week to Sen. Michael Bennet (D-Colo.), Geithner wrote that a default would risk a “double-dip” recession.

“Default would not only increase borrowing costs for the federal government, but also for families, businesses and local governments — reducing investment and job creation throughout the economy,” Geithner wrote.

But several prominent congressional Republicans have dismissed the Obama administration’s assertion that the country would face dire consequences if Congress does not vote to raise the federal limit on government borrowing by August. Many of the skeptics are affiliated with the tea party.

In the Senate, freshman Sen. Pat Toomey (R-Pa.) has said the Obama administration has been exaggerating the effects of hitting the default mark. He says breaching the limit would cause only a partial government shutdown.

Other freshman Republicans have said that Geithner could raise money to avoid defaulting by selling investments in private companies. The Republican Study Committee, which represents more than 150 lawmakers, sent a letter to Geithner last week pressing for more details about the Aug. 2 deadline.

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

Entry filed under: 9/11, alienology, Atheism and religion, Communism, Demonic, dispensationalism, Eastern Mysticism, emergent church, Gun Control, Islam, Islamofascism, israel, Judaism, Life in America, new age movement, Posttribulational Rapture, Pretribulational Rapture, Radical Islam, rapture, Religious - Christian - End Times, Religious - Christian - Prophecy, Religious - Christian - Theology, salvation, Satanism, second coming, Sharia Law, Socialism, temple mount, ufology. Tags: federal employees lose retirement accounts to feds, federal employees will have retirement accounts taken over by federal gov't, obama is going to take retirement accounts of federal workers.