Monday, May 16, 2011

Treasury Takes Pension Funds

Sometimes I hate being right. The U.S. Treasury, which officially hits the legal "debt ceiling" this week, is now starting to borrow money from federal pension programs. The only thing that surprises me about this story is that *any* federal program still had an actual positive balance of funds that could be borrowed from in the first place. No matter - once these pension funds are completely replaced with I.O.U.'s like the Social Security Trust Fund has, we'll be one step closer to a similar raid on our private Roth IRAs and 401(k) retirement accounts.

Yes we can (lose everything).

1 comment:

Keith Wilson said...

You were right all along.

There are billions of dollars in private 401 and Roth accounts right now. With the Fed govt so deely in debt, they will most certainly turn their sights on this pot of gold - which of course, is NOT THEIRS to take.

Now we must redistribute our retirement money to those who didn't save or invest...