Treasury Secretary John Snow is pushing for a higher debt ceiling, noting that:
..the administration has now taken “all prudent and legal actions,” including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit. – CBS News
So, they are taking money out of the right pocket and sticking it in the left? What’s new? Once they have emptied the coffers of their own employees’ pension base, they can move on to the Pension Benefit Guaranty Corporation. No that won’t work – I think it is bone dry already. Maybe borrow from private pension funds? Now there’s a thought. Convert them all from defined benefit to defined contribution, then take the toppings (after a whole lotta number tumbling, I might add).
Boy this all sounds eerily familiar.