Feds go on economic bender and now are raiding federal workers pension to help pay for it allCongress borrowed $1 trillion to for a so-called stimulus bill. You remember, the stimulus that was going to save our economy and we needed to pass it right away or the economy will collapse.
Not surprisingly, all the stimulus did was save Federal and State employees jobs, and not much more. Via Power Line:
Our benchmark results suggest that the ARRA created/saved approximately 450 thousand state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because ARRA funds were largely used to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment. The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services.As pointed out previously at MCT, government jobs are overhead that the private sector subsidizes. They contribute very little to the economy in the form of adding value.
Now that the bill for the so-called stimulus is due, we are now facing another crises and to solve the problem right away and its an emergency, The Treasury is now raiding federal workers pension funds to help pay for the fiasco.