Congress Is Looting Federal Worker, Military Retirement Funds

chefdennis · Feb 22, 2010

LOL, as a country we owe everyone else, we might as well steal from our own...i mean if you can't steal friend friends and relatives, our the patriots of our own country, who can you steal from!?!?

Congress Is Looting Federal Worker, Military Retirement Funds,
Says William Fruth, Founder of 10 Amendments for Freedom

Feb. 16
PRNewswire-USNewswire

Congress Is Looting Federal Worker, Military Retirement Funds, Says William Fruth, Founder of 10... -- PALM CITY, Fla., Feb. 16 /PRNewswire-USNewswire/ --

PALM CITY, Fla.,

As of January 1, 2010, the amount of money owed to federal civilian and military pension trust funds passed the $1 trillion mark as Congress continues to loot all of the federal government's trust funds to pay for deficit spending.

More money is now owed by the federal government to these two funds than what is owed to China.

"In the future, little kids in kindergarten and their children will have to repay these funds," stated William H. Fruth, founder of the 10 Amendments for Freedom.

"Those responsible for creating this massive, unconscionable debt will be dead and gone, not able to hear the howling curses directed toward them by those who will have to pay in the future," Fruth continued.

For the first three months of the 2010 fiscal year (October, November, and December), Congress borrowed more than $400 billion to pay for its deficits.

Of this amount, Congress spent more than $65 billion of the money which is supposed to be in federal government workers' retirement funds.

A trust fund is like a savings account. Money is deposited into the fund to be spent another day, when it is needed. The Social Security Trust Fund is the best-known. However, Congress has spent all of the savings in all of its trust funds.

The following chart shows the national debt and the money which has been borrowed from several trust funds as of January 1, 2010:

Total National Debt: 12,298,936,000,000

Public Debt - Owed to individuals, banks, foreign entities: 7,811,009,000,000

Intergovernmental Debt - Owed to federal trust funds: 4,487,927,000,000

Owed to selected trust funds:

Social Security Trust Fund (includes disability): 2,518,540,000,000

Medicare Trust Fund: 304,612,000,000

Federal Civil Service Retirement: 750,208,000,000

Military Retirement: 295,792,000,000

Source: U.S. Treasury

Each month federal workers and the federal government make a deposit into retirement funds which are to be drawn upon when workers retire.

However, Congress has spent all of the money in the Federal Civilian and Military Retirement Funds to pay for deficits. More than $1 trillion is now owed to just these two funds.

"When these people retire, taxes will have to be increased to replenish the funds," Fruth continued. "This financial burden will fall upon today's youth."

The 10 Amendments for Freedom is a movement to add ten specific amendments to the Constitution by way of an Article V. convention. Amendment One, Balanced Budget, will prevent Congress from spending the money in its funds and trusts.

For more information regarding the 10 Amendments for Freedom, go to 10Amendments.

greg334 · Feb 22, 2010

Actually the military retirement fund is an important issue, but the federal worker fund, I can't care about outside of law enforcement. As a civil servant they work at the behest of the people and seeing that a lot of them are part of a union, let them deal with not having a retirement money and have them do what the rest of the country has to do, deal with Social Security - get rid of the bureaucrats.

Rhodes101 · Feb 22, 2010

"In the future, little kids in kindergarten and their children will have to repay these funds," stated William H. Fruth, founder of the 10 Amendments for Freedom.

If this sentence is true this is horrible! Kindergarteners will be dropping their lunch and juice boxes to get a job so they can pay this off. They also have kids of their own. Well either this author is extremely wise or maybe he just has no clue on how to structure a sentence.

Oh wait I see Chef posted it.
I was concerned for a split second there.

layoutshooter · Feb 23, 2010

I don't understand Greg, why should public contracts not be upheld? When I worked for the Feds I did NOT pay into SS. I paid into CSRS. We signed a contract on our retirement. We did NOT belong to a union and signed a NO STRIKE CLAUSE. So why should those people be screwed for no other reason than the Feds did not provide for this day?

greg334 · Feb 24, 2010

I said outside of law enforcement, which includes the FBI, CIA, NSA and other departments that are there to provide law enforcement services in different forms. The military is a given, that should be off limits - period.

Outside of that, the government workers are civil servants and should not be allowed to have a union, have the right to vote for federal officials or get anything beyond what they put into their retirement like the rest of us. If it is a pension they are concerned about, then they should have the right to take advantage of 401Ks, 403bs or what ever.

You know that an average government worker makes more than the average citizen?

layoutshooter · Feb 24, 2010

I am not aware of what pensions were available for other sectors of government. If they were promised a pension it should be paid. Not everyone was allowed access to private pensions if they were in government service. Contracts should be upheld. I agree that no one in public service should be in a union. In PA we had only two options. Belong to the union and pay dues or don't belong to the union and pay dues anyway. Either way you were going to pay the dues. Great eh?

Why no right to vote? The Hatch Act restricts active campaigning etc. Public service should no restrict voting rights. I am not sure if I understand what you mean by that. If I am mis-reading I am sorry.

greg334 · Feb 24, 2010

Well Layout, I feel that the money for retirement should be in the control of the person, not the government and that they should provide the share, not have the government provide one. It is a sticky thing with me because of the boasting from a retired government worker.

Why not allowing them to vote?

Simple, they already have a voice through different avenues, one is how the system works and the other is how they are represented in different departments. If they want to work for the government, then they have to be put below the citizen - not above them and not equal to them. It goes back to my comments what the real problems are within our congress and why we are seeing so many expansions taking place when we can't afford the employees. They are taken care of - there are no real layoffs in the government, ever notice that?

So simplify all of it, no unions, no right to vote in federal elections and no pensions. Limit the amount of people who can work for the government and limit the departments and agencies outside of law enforcement and defense - why do we have an department of commerce office with 12 highly paid people in it for trade with Qaraqalpaqstan Respublikasi and not one of them speaks the language?