Voxman
Well-Known Member
This is what I've read .. Does anyone know if this is true? I can't find any further info pro or con, that I trust, about that so I thought I'd ask .. and well, Because if it is I give up!
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This is what I've read .. Does anyone know if this is true? I can't find any further info pro or con, that I trust, about that so I thought I'd ask .. and well, Because if it is I give up!
Spunky
Active Member
VOX,
Not true!
Congressional pensions are funded the same way as those of other federal employees: through a combination of general tax provisions and contributions from the participants.
If you care about the details, there's a Congressional report, written in Lesser Bureaucratese, here.
http://www.senate.gov/reference/resources/pdf/RL30631.pdf
While it details how much money a Congresscritter could receive on retirement, it fails to mention where that money comes from.
More relevant to your question is this report,
https://www.policyarchive.org/bitstream/handle/10207/691/98-810_20030606.pdf?sequence=1
which does mention where the funding comes from. Basically, Congresscritters are now under the same pension plan as all other Federal employees. The pension trust fund is built from a combination of employer and employee contributions, which is probably similar to your retirement plan (presuming you have one, of course). An interesting gem from that report suggests that things have been set up by a gambler:
At the start of FY2001, taking into account benefits yet to be earned in addition to benefits that have already been accrued, the Civil Service Retirement and Disability Fund had an unfunded liability of $509 billion, all of which is attributable to CSRS and none to FERS. Although the civil service trust fund has an unfunded liability, it is not in danger of becoming insolvent. At no point over the next 75 years will the fund be exhausted.
Not true!
Congressional pensions are funded the same way as those of other federal employees: through a combination of general tax provisions and contributions from the participants.
If you care about the details, there's a Congressional report, written in Lesser Bureaucratese, here.
http://www.senate.gov/reference/resources/pdf/RL30631.pdf
While it details how much money a Congresscritter could receive on retirement, it fails to mention where that money comes from.
More relevant to your question is this report,
https://www.policyarchive.org/bitstream/handle/10207/691/98-810_20030606.pdf?sequence=1
which does mention where the funding comes from. Basically, Congresscritters are now under the same pension plan as all other Federal employees. The pension trust fund is built from a combination of employer and employee contributions, which is probably similar to your retirement plan (presuming you have one, of course). An interesting gem from that report suggests that things have been set up by a gambler:
At the start of FY2001, taking into account benefits yet to be earned in addition to benefits that have already been accrued, the Civil Service Retirement and Disability Fund had an unfunded liability of $509 billion, all of which is attributable to CSRS and none to FERS. Although the civil service trust fund has an unfunded liability, it is not in danger of becoming insolvent. At no point over the next 75 years will the fund be exhausted.
Voxman
Well-Known Member
Thanks Spunk .. Ya one in a million! ;D Makes me feel much better to read that
Spunky
Active Member
I work for an automobile finance company so to find out financial matters is not that hard...
Understanding them is....
Understanding them is....
Six String
Well-Known Member
In understanding financial matters...... our local food pantry can make every dollar given in into $8.00 worth of goods. Why can't the government do that?
oldrockfan
Well-Known Member
I think the gov is just the opposite... they take 8 dollars and create 1 dollar of benefit. More like take a half million and create 1 new job >
i hate to say it so early in his term but I am already becoming disappointed in Obama. The way he is threatening a deepening recession if congress doesn't just pass anything he proposes without questioning is... well imho it stinks. I wanted to see him shake things up but unfortunately, I can already see it is same ole crap we got from Bush and Clinton, tc. The only thing that changes is the special interest that benefits.
I am pretty much convinced after watching the stock market continue to take a nose dive and my retirement pretty much be flushed down the drain... we are headed towards depression. :cry:
i hate to say it so early in his term but I am already becoming disappointed in Obama. The way he is threatening a deepening recession if congress doesn't just pass anything he proposes without questioning is... well imho it stinks. I wanted to see him shake things up but unfortunately, I can already see it is same ole crap we got from Bush and Clinton, tc. The only thing that changes is the special interest that benefits.
I am pretty much convinced after watching the stock market continue to take a nose dive and my retirement pretty much be flushed down the drain... we are headed towards depression. :cry:
SGPlayer
Member
[quote author=Six String link=topic=18819.msg229364#msg229364 date=1235171747]
In understanding financial matters...... our local food pantry can make every dollar given in into $8.00 worth of goods. Why can't the government do that?
[/quote]
Because they are the government..........they do what they want to do, when they want to do it! :-\
Pretty sad indeed. Our country would be better off if normal everyday people ran it. Bet we wouldn't
be in the shape we're in if they did.
In understanding financial matters...... our local food pantry can make every dollar given in into $8.00 worth of goods. Why can't the government do that?
[/quote]
Because they are the government..........they do what they want to do, when they want to do it! :-\
Pretty sad indeed. Our country would be better off if normal everyday people ran it. Bet we wouldn't
be in the shape we're in if they did.
guitarweasel
Well-Known Member
It is run by normal everyday people.......who just happen to like to stick their hands in other people's pockets. ;D
I saw a report on the AIG thing a while back. There's been so much going on I can't remember exactly when and what network did it. AIGs problems came about over those credit default deals on the mortgages that the investment houses were selling.
Spunky
Active Member
What Johnj said.
The mortgages that the Democrats forced the banks to fund starting 6 years ago with people that had no business buying a house and were made with a 5 year fixed interest that turned into a nightmare when renegotiated at a much higher interest after the expiration. That and there was no equity so the mortgage became an upside down mortgage that the borrower could never pay off.
This is what happens when Democrats are in charge.
Obama just signed into law a spending bill that will not add one new job to the USA.
Jimmy Carter helped the Ayatollah Khomeni overthrow the Shah of Iran and now we have nukes boys.
I am so sick of the left wing liberal Democratic spin.
If you and I were financially fragile but barely holding on with no credit card debt would you go out and spend like the end of the world is tomorrow and run up a credit card debt of say $200,000.00?
Hell no we would not but that is precisely what Obama is doing. He is buying furs and jewelry, new luxury autos and 40" plasma TVs. Nothing in that spending bill brings manufacturing back to the USA.
It just bankrupted the USA and we will be unable to continue the war in Iraq and Afghanistan soon and then we are setup for a takeover from the socialist left.
The only thing between us and the end of the USA is guns.....
Look at the Netherlands....the Muslims are illegally stocking up on guns and the day they take over is coming soon. Same for the UK.
This is Obama's new world order....the Islamization of the world....Hussain Obama is a closet Muslim who will make it possible for the USA to go under the veil.
Keep the guns close but hidden boys...I have a feeling we will need them soon.
The mortgages that the Democrats forced the banks to fund starting 6 years ago with people that had no business buying a house and were made with a 5 year fixed interest that turned into a nightmare when renegotiated at a much higher interest after the expiration. That and there was no equity so the mortgage became an upside down mortgage that the borrower could never pay off.
This is what happens when Democrats are in charge.
Obama just signed into law a spending bill that will not add one new job to the USA.
Jimmy Carter helped the Ayatollah Khomeni overthrow the Shah of Iran and now we have nukes boys.
I am so sick of the left wing liberal Democratic spin.
If you and I were financially fragile but barely holding on with no credit card debt would you go out and spend like the end of the world is tomorrow and run up a credit card debt of say $200,000.00?
Hell no we would not but that is precisely what Obama is doing. He is buying furs and jewelry, new luxury autos and 40" plasma TVs. Nothing in that spending bill brings manufacturing back to the USA.
It just bankrupted the USA and we will be unable to continue the war in Iraq and Afghanistan soon and then we are setup for a takeover from the socialist left.
The only thing between us and the end of the USA is guns.....
Look at the Netherlands....the Muslims are illegally stocking up on guns and the day they take over is coming soon. Same for the UK.
This is Obama's new world order....the Islamization of the world....Hussain Obama is a closet Muslim who will make it possible for the USA to go under the veil.
Keep the guns close but hidden boys...I have a feeling we will need them soon.
