The generous pension system enjoyed by millions of federal workers from clerks to senators and judges has emerged as a key target in negotiations between Vice President Biden and congressional leaders looking to restrain the growing national debt.
Republicans have proposed saving more than $120 billion over the next decade by requiring the civilian workforce to contribute more toward retirement and in case you think that might be a good idea, let me sensationalize it for you a plan that would effectively impose an immediate 5 percent pay cut on more than 2 million federal employees.
Participants in the Biden talks have temporarily set aside the most ideologically divisive issues, such as raising taxes and cutting entitlement benefits. But while the remaining targets are smaller, they are also guarded by a thicket of lobbyists and interest groups.
Since May 5, negotiators have focused on a list of proposed reductions to mandatory programs, which are financed outside the annual appropriations process. The Republican-controlled Houses budget blueprint includes $715 billion in such savings through 2021; Obama has offered $290 billion. So let's 'compromise' at $250 billion. That's enough to make zero a hero.
Republicans have proposed saving more than $120 billion over the next decade by requiring the civilian workforce to contribute more toward retirement a plan that would effectively impose an immediate 5 percent pay cut on more than 2 million federal employees. President Obamas bipartisan fiscal commission has also endorsed the idea, calling the federal system out of line with the private sector.
I don't see this happening in an election year with the Democrats at the helm. The federal unions are the ONE's biggest supporters. He ain't gonna bite the hands that feed him in an election year. Look at the opposition to Walker's attempts to fix the budget in Wisconsin.
It would be sad if this were to badly hurt the many GS 5s, 7s, 9s. A lot of these folk work pretty hard. It would be better to stagger it so that up to $40k/yr there would be no increase in required contribution and above $80k, the full 5% would kick in.
Posted by: Lord Garth ||
05/15/2011 18:40 Comments ||
Technically they're already cutting pensions as the last two years have seen no government rigged Cost of Living increase claiming there is no inflation. That's already saved the Treasury the equivalent of what they're looking for. They need to tie any such increase to an index of average salary/pay increases in the general public rather than inflation as we're all in the same boat, so to speak. Don't ask those generating the revenue to suffer a double impact of inflation and mandatory CoL increases to the pensioners.
The fewer government workers, the fewer pensions needed. How much of what the Federal and State governments is necessary ion our lives? I believe few non-government employed citizens would even notice if 50%, both civil and military service, were laid off.
Nationwide, nearly 700 projects awarded $400 million have been idling for years, a Washington Post investigation found. Some have languished for a decade or longer even as much of the country struggles with record-high foreclosures and a dramatic loss of affordable housing. My housing has become much more affordable in the past few years, the price being down about a third. Of course, no one would lend me any money for it now.
The yearlong investigation uncovered a dysfunctional system that delivers billions of dollars to local housing agencies with few rules, safeguards or even a reliable way to track projects. The lapses have led to widespread misspending and delays in a two-decade-old program meant to deliver decent housing to the working poor. If only they had some more watchdogs to police the evil developers. More money, that's what they need! That's why the working poor vote for more gummamint.
The Post found breakdowns at every level:
Local housing agencies have doled out millions to troubled developers, including novice builders, fledgling nonprofits and groups accused of fraud or delivering shoddy work.
Politicians trolling for votes? What happens when money is doled out by Sam based on some other criteria than free market competition and competency.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.