Thread: Read em and weep!!

I assume if the U.S. goes bankrupt, taking the pensions is a real possibility.

Originally Posted by Elgallo

1.You should pay attention to something.
Totally agree - we should pay attention
2. There is no guarantee to your federal pension based on the economics we face today in this country.
There are NO GUARANTEES - this is very true
3. If you think it is guaranteed, you have another thought coming because the world economic system is going to determine whether we can honor that pension.

This is the first I heard of this and I have no idea what has you so upset but it appears that Senator Coburn is simply a messenger and nothing more.

If this message bothers you - well maybe you live in a dream world where the ability of our Government to honor anything related to money is not wholly dependent on the world economic system. It is indeed that system that WILL DETERMINE whether 'we' have the ability to honor that pension.

It does not sound a 'Threat' to me - sounds more like a 'wake up call'

Oh Hi Tom - apparently we were on at the same time

Originally Posted by tsptalk

I assume if the U.S. goes bankrupt, taking the pensions is a real possibility.

I believe survival will be our only worry if that happens.....

You bet this bothers me Steady, and NO, I don't live in some dream world. I am surprised you're not as upset.

The politicos (both sides) screwed things up, and now as usual, we may/will pay the price.

I say lock and load!

Originally Posted by Elgallo

You bet this bothers me Steady, and NO, I don't live in some dream world. I am surprised you're not as upset.

The politicos (both sides) screwed things up, and now as usual, we may/will pay the price.

I say lock and load!

Ahh haaa - NOW I SEE WHAT YOU'RE SAYING !!

Here I would have to agree with you and I'm beyond UPSET man - because it's gone too far and lasted too long.

YES - I DO BELIEVE THE POLITICIANS ARE THE ONES MOST RESPONSIBLE AND UTLIMATELY 'THE RESPONSIBILITY HAS RESTED ON THEIR SHOULDERS'

They have (at least throughout my lifetime) been mostly controlled by the Higer Interests of Dominating Companies and Industries. They have in essense been 'bought' by the Power Holders.

So now that I see what you're saying I totally agree - but be prepared my friend because if 'we' YOU AND I and all those willing to do the 'right thing' and not be bought off and controlled by the Reigning and Powerful Industries would actually STAND UP and say NO LONGER are we going to let this happen BUT WE ARE GOING TO DO WHAT IS BEST FOR THE WHOLE NATION then the world itself would be turned upside down.

The Pharmaceutical Industry and Insurance Companies for instance have the Politicians by the balls

Anyway on this matter - YES - We do see eye to eye and YES I'm sick and tired of it - it's all a bunch of BS and Sarah and basically everyone else currently a politician are pretty much all the same.

Originally Posted by tsptalk

I assume if the U.S. goes bankrupt, taking the pensions is a real possibility.

20-30 years ago, the devoted company man would have laughted at such notions of losing their pension. The Federal courts have already set the standard and at the rate we are going what would be the point of getting paid worthless money the gov doesn't have.

Now you see why a defined contribution plan is much better than any annuity - the annuity is a promise not an obligation. The future payouts may vary in an annuity - where in a defined contribution plan the money is already yours and you are responsible to manage the growth just like in our TSP.

Birch: They have already gotton to the TSP if you ask me. You checked your statement lately!

We've been had!

My 2cents from the sick leave thread...

Originally Posted by Thunderhorse

Coburn is right in that nothing is guaranteed.

He is off base saying that honoring pensions depends upon the world economic system. The real cause is all around him. He should open is eyes, look in the mirror, look around the Senate chamber he stands in, and walk across the way to the House chamber and have a GOOD HARD LOOK.

Look hard Senator. The beast is all around you.

The determinant will be whether or not CONGRESS keeps flushing trillions of $$ down the toilet with no sense of care or responsibility.

Folks try to get yourselves in a financial position where you can walk out the door regardless of what happens.

Yea Norm. Shut it all down - VA, DoD, DOE, DOT, FAA, Health & HS, FEMA DHS, and all the others.

...What?

They are essential you say?

Sorry. No $ therefore no gov't services. Bye.

Reality?

T'horse

Thunderhorse

Elgallo,

Like Birch, I am elated that we have a 401(k) – our TSP account. The F/C/S/I funds are yours and not grabbable by the gubmint if they don't think they can pay out a benefit. No politician of gubmint bureaucrat can jigger an equation on those assets and what you can pull from them.

All they can really do is increase the income tax. Then, when you draw money out of TSP in retirement you will pay a higher tax. If you want to fight that start funding a Roth IRA. Use the Roth account when some LibTard increases the income tax rate, use your TSP (rolled into a self-directed IRA) when a Reaganite takes office.

And, as we found during the Clinton Presidency (while he still had a Democratic majority in Congress and the Senate) they can always tax Social Security.

Until recently (my Going Galt Moment) I did not realize that the tools are there to 'starve the beast'. I felt the 33% (Federal + State) marginal income tax rate on my middle class earning power was fair. California just increased it by a percent, I added three percent to my TSP contributions and zeroed that out. That action also reduced my Federal Income tax by 5%.

I feel for those hoping for no change in their pension. The underlying assets ARE NOT THERE. The tax base is shrinking and GenXers will not freely pay more. And, the Gubmint did not exactly invest the assets - they spent those building bridges to nowhere and museums for Woodstock. They are paying CSRS pensions hand to mouth now. They are paying Social Security benefits hand to mouth now.

So, to summarize, if I have to live on a self-directed traditional IRA (that I rolled over from my TSP account upon retirement) than I am doing fine. I can balance on that big leg. Social Security and the Federal Pension are not major parts of my future because I have NO confidence in politicians. That does NOT mean I will go quietly into the night if these goobers attempt to take ANY part of my retirement away.

The 15% capital gains tax on stocks and qualified dividends will sunset in 2010. My taxes are going to go up - but I don't have to take a capital gain. Roll monthly distributions from TSP directly into a Roth IRA - but then there is no safety because the liberals can always change the rules. Someone has to pay for those increased welfare checks to keep our at risk friends in their homes. We only have one savior and that is Sarah Palin. And the market recognizes that truth. McCain told us what we were going to get - bigger government and increased taxes.