TREASURY DEPARTMENT BORROWED FROM FEDERAL PENSION FUNDS

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This topic contains 4 replies, has 4 voices, and was last updated by  Chris Poirier 6 years, 4 months ago.

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  • #136526

    BARB BF
    Participant

    Geithner reported that in May the Treasury borrowed a total of $214 BILLION dollars from various Federal Pension Funds..including $80 Billion form the Civil Service Retirees Pension Fund..to “keep the government going” until 2 August. We were told …”not to worry”..as the loans would be paid back as soon as the debt ceiling is raised. SO!!! What does that mean? Does it mean that if the debt ceiling is not raised…there with be no pay back? Does it mean that the Democrats planned on raising the debt ceiling since May..and all this debate is just nonsense…and a waste of time?

  • #136534

    Chris Poirier
    Participant

    I’m glad someone else noticed this..I’ve been asking what “borrowing from federal pension funds” means since I heard him say it..because..that’s scary..

  • #136532

    Anonymous

    Federal employees cannot help but worry. Many feel that Congress plays fast and loose with their livelihoods.

  • #136530

    Jeff S
    Participant

    It means the govt is using federal employee retirement money and replacing the dollars with iou’s in order to operate the govt. The iou’s in the retirement pot are “supposed” to be refunded first before paying other obligations. Then again when GM was bought out by the govt the bond holders were supposed to be paid first and instead the administration paid the unions and shortchanged the bond holders. Believe it when you see it is the only approach to take

  • #136528

    That’s some baaaaaaaad juju – Just look at what happened in Illinois when they started doing that. NOT GOOD

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