Congress, Administration lecture USPS on fiscal responsibility, but are now “borrowing” your TSP savings?Monday, May 16th, 2011
Politicians love to bash postal workers and the US Postal Service, despite the fact that opinion polls consistently show that the public has a much higher opinion of the post office than they do of, say, Congressmen. (Then again, maybe that’s why some politicians hate postal workers! )
All of which makes it so ironic that as of today, the Federal Government, crippled by the politicians’ inability to do their jobs, is borrowing the retirement nest eggs of postal workers and other federal employees to keep the government running. Yes, it’s true- Dennis Ross and Darrell Issa may think you’re overpaid, but when they get their paychecks next week, the money will come out of your Thrift Savings Plan:
Today, the United States will reach the statutory debt limit. Secretary Geithner sent the following letter to Congress this morning alerting them to actions that have be taken to create additional headroom under the debt limit so that Treasury can continue funding obligations made by Congresses past and present. The Secretary declared a "debt issuance suspension period" for the Civil Service Retirement and Disability Fund, permitting Treasury to redeem a portion of existing Treasury securities held by that fund as investments and suspend issuance of new Treasury securities to that fund as investments. He also suspended the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employeesâ€™ Retirement System Thrift Savings Plan. For more information on these measures, please read this FAQ.
And yes, according to the law, your TSP will be made whole afterwards (at least according to the current law), but the cynicism that allows politicians to engage in this kind of childish brinksmanship using your money is pretty amazing.