Washington Just Dipped Into Retirement Savings To Fund Itself
DESPERATE FOR CASH IN ORDER TO MAINTAIN ITS SPEND-HAPPY WAYS, OUR GOVERNMENT JUST SET THIS DANGEROUS PRECEDENT.
Filip Karinja
BirchGold.com
March 20, 2015
You know things are getting bad when your government begins to stick its hand into retirement accounts just so that it can remain solvent for a few more months.
With the debt limit about to come back into full swing at a staggering $18.1 trillion this week, Treasury Secretary Jack Lew has undertaken drastic measures to kick the can down the road until later this year.
One such plan to fund the government includes raiding the Thrift Savings Plan (TSP), a 401(k)-style retirement savings plan set up for federal employees.
Specifically, the Treasury wants to go after the G Fund, the largest fund in the plan, which contains Treasury securities that help to finance the national debt. As of last month, those securities in the G Fund make up $193.3 billion of the $451.7 billion of investments in the TSP.
According to Lew, the government currently has $25 million left to spend before it breaches the imposed limit without these actions. Hence he’s urging Congress to fill the purse:
“I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible,” Lew wrote in a letter.
So what happens come November when these ‘temporary’ measures leave us facing the precipice of the debt ceiling once again? Who is going to have their money taken next?
The Rest…HERE
