Treasury Skips Mandatory Quarterly Federal Employee Retirement Fund Payments

Zerohege reports today that Turbo Tim and friends have skipped the mandatory quarterly funding of federal employee retirement funds, and instead, have disinvested (“borrowed”) another $20 billion OUT of those same retirement funds.

Should the unthinkable ever occur and a debt increase not be passed in August, there will be quite a few rather surprised Federal employees when Turbo Timmy drains their pensions completely dry.

From Zerohege:
instead of putting in even one penny into G and CSRD Funds, Tim Geithner has decided to defraud government retirees by the most since the US debt ceiling was breached, or, specifically, since intragovernmental “holdings” became a mere plug to make room for marketable debt. So while the debt held by the public increased by $21 billion following the settlement of last week’s auctions, in order to stay under the $14.294 billion ceiling, the Treasury was forced to “disinvest” another $20 billion from retirement funds. At this point the various funds that fall under this umbrella are underinvested by at least $120 billion and likely much more.
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