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Treasury to tap pensions to help fund government

Renae

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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.
Treasury to tap pensions to help fund government - The Washington Post

If this doesn't tell you we've over reached our bounds, nothing will. Raiding pensions to pay for spending we cannot afford?

CUT THE SPENDING. Period. Don't think short term and demand taxes go up, that's a blip, and harms longer term economic growth. Cut spending.
 
Why not? The private sector does it constantly so why cant the US government?

There is a huge difference between what a private company does, and what the US Government does.
 
The rubber's met the road.

Cut spending or die. That's where we are. Fortunately, we'll ultimately do the right thing, even if we have to start throwing politicians in the Chesapeake Bay.
 
Please lay out your plan for cutting this much, all at once. In detail.

It would require cutting social services, as we all know we can't do that cause "people would starve".
 
The fiscal future of the US I'm all in favor of.

However.

You better be prepared for what that looks like.
 
So you are unclear on the difference between a company failing and a country failing?

I do, do you? It is funny how you pull this card when most conservatives state that you should run a country like you run a company.. if that is true, then you must also be able to run a failing country as a failing company no? :)
 
Not even close bud.

The US long term fiscal challenges lie simply in medicare, medicaid and social security.

Theres no hiding from that.

The problem is the private healthcare industry not medicare and medicaid.

SS is only in trouble because of previous administrations stealing from it for decades to deliver lower deficits.

But cutting military spending, raising income, fixing a bloated corrupt healthcare industry and tweaking medicare and medicaid and then you are on your way.
 
The problem is the private healthcare industry not medicare and medicaid.

SS is only in trouble because of previous administrations stealing from it for decades to deliver lower deficits.

But cutting military spending, raising income, fixing a bloated corrupt healthcare industry and tweaking medicare and medicaid and then you are on your way.

Pete, between 46% and 54% of medical spending in the U.S. comes from the government and it only covers a quarter of our national population.

You can't blame it on private medical care.
 
All areas of spending must be cut from. Nothing is sacrosanct anymore, not even the military.

Until we are willing to embrace that idea, then nothing will change.
 
Pete, between 46% and 54% of medical spending in the U.S. comes from the government and it only covers a quarter of our national population.

You can't blame it on private medical care.

And who drives up the prices...Medicare and Medicaid who by law can not negotiate prices with drug makers and the medical industry? or.. maybe the private sector.....
 
And who drives up the prices...Medicare and Medicaid who by law can not negotiate prices with drug makers and the medical industry? or.. maybe the private sector.....

Medicare sets prices for procedures by a government advisory board.
Prescription drugs isn't the only thing that causes medical prices to increase.

Medicaid can set prices because it is a state by state program.
 
All areas of spending must be cut from. Nothing is sacrosanct anymore, not even the military.

Until we are willing to embrace that idea, then nothing will change.

The military is Constitutionally Mandated, the others are the People voting themselves Gold from the Treasury.
 
If this doesn't tell you we've over reached our bounds, nothing will. Raiding pensions to pay for spending we cannot afford?

Let me just stop you right there. We certainly can afford it. Congress is just choosing to play games and not borrow the money to fund the budget they've already approved. This is why the debt ceiling is stupid; Congress already decided to set expenditures and taxes at a certain level for the year, and are now unwilling to fund the gap.

MrVicchio said:
CUT THE SPENDING. Period. Don't think short term and demand taxes go up, that's a blip, and harms longer term economic growth. Cut spending.

Talk about thinking short term. The fiscal problems that are nation faces are ALL long term, and the solutions read something like "Figure out how to contain the future cost growth of various entitlement programs while generating more tax revenue." NONE of the real solutions read "Figure out how much discretionary spending we can chop from the national budget, and do it right now." Discretionary spending is at historically normal levels, with the exception of the DoD.
 
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It would require cutting social services, as we all know we can't do that cause "people would starve".

I assume the quotes are meant to mock concern for those in poverty? So let me make sure I understand your position correctly: Raiding the pension funds to pay for the debt is evidence that something must be done about the debt right now...and your solution is to, umm, raid the pension funds?
 
The military is Constitutionally Mandated, the others are the People voting themselves Gold from the Treasury.

The Constitution does not mandate any certain level of military spending, and it is by far the most wasteful element of our discretionary budget.
 
Let me just stop you right there. We certainly can afford it.
I take it you haven't gotten the memo...

We're $14,000,000,000,000.00+ IN DEBT.


Congress is just choosing to play games and not borrow the money to fund the budget they've already approved.

When you're borrowing, at $14,000,000,000,000.00+ In the hole, you most certainly CANNOT afford it.


This is why the debt ceiling is stupid; Congress already decided to set expenditures and taxes at a certain level for the year, and are now unwilling to fund the gap.
Here's a hint: If you have to borrow in the TRILLIONS to fund spending, it means... GASP! You cannot afford it.


Talk about thinking short term. The fiscal problems that are nation faces are ALL long term, and the solutions read something like "Figure out how to contain the future cost growth of various entitlement programs while generating more tax revenue." NONE of the real solutions read "Figure out how much discretionary spending we can chop from the national budget, and do it right now." Discretionary spending is at historically normal levels, with the exception of the DoD.

Yeah here's where you are in lala blind folder land. DOD spending is 16-20% of the budget. SS, Medicaide, Medicare are at 55-60% of the budget.

You do the math. Politically, you cannot, WILL NOT accept that social spending is what the problem is, so you pull out the old, tired, lame canard of "It's military spending!!!" when reality is clearly, otherwise. BOTH parties are guilty of not doing the right thing, which is to say "Hey, all these social programs... ya know the ones where we take your money and promise you things... well we lied!!! We've spending way more then we're taking in so you'll vote for us... our bad. Sorry old folks but your bribes for votes, we have to stop this before we're all ****ed".

They find ways to "keep our promises" because the country is full of stupid, lazy greedy bastards that can't accept the free ride has to end, NOW.
 
The Constitution does not mandate any certain level of military spending, and it is by far the most wasteful element of our discretionary budget.

Only in hyper-partisan land is 16-20% of the budget too much spending while 55-60% is A-OK
 
Treasury to tap pensions to help fund government - The Washington Post

If this doesn't tell you we've over reached our bounds, nothing will. Raiding pensions to pay for spending we cannot afford?

CUT THE SPENDING. Period. Don't think short term and demand taxes go up, that's a blip, and harms longer term economic growth. Cut spending.


Nothing new, christie whitman did it in jersey alot of years ago and murdered the pension system there...of course she never paid it back...The jersey pension system is running a deficit in the billions and christie hasnt made the two payments he was supposed to make...the GOP murdered the pensions in Jersey, they never paid their half into the pension for 20 yrs...it was the most solvent penison in the country
 
Why not? The private sector does it constantly so why cant the US government?

Maybe because it's bad economic policy, and because when the private sector does it the money is spent on the company the employee works for; and not the entire country as the govt would do. That means the spending is localized. BTW, do you have source to show that the private sector does this constantly?
 
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