The Treasury Department is stealing cash from federal employees pension funds so the government can obtain more credit to pay its debts.
“In a letter to Congress earlier this week, Treasury Secretary Timothy Geithner said he would “be unable to invest fully” the federal employees retirement system, a tactic the federal government has had to employ six times over the past 20 years in order to remain under the statutory debt ceiling limit.
“In addition to shortchanging federal employee retirement, Geithner “has already tapped another seldom-used fund in order to allow the government to continue borrowing without running afoul of the country’s laws,” according to Reuters, which of course didn’t name the “seldom-used fund.”
“The Treasury-sponsored raid this week follows an earlier one in May 2011, when Geithner once again took to stealing the retirement funds of unsuspecting federal workers in order to finance the voracious, expanding Leviathan State. Then as now, Congress dithered. And a question arises: Did Treasury replace the funds it raided, or did the department do what Congress did to the Social Security system – issue IOU’s the government can never repay?