Federal Times reports an OPM announcement that the unfunded liability for federal employee pensions is $761.5 billion– the size of a TARP bailout.
Today private companies, like Ford, have been pouring their profits into pension liabilities instead of new jobs, new products, and new productive infrastructure. In contrast, the Obama Administration has been failing to account for the federal government’s growing debt by not “paying” into worker pensions.
If Obama was running a private company, his deceit (lies, damn lies, statistics, and government accounting) and cheating of employee pensions would have him burned in effigy by unions across the country and in the evening news. However, since this is the government, he is cheating the taxpayers, evading the law limiting federal debt, and lying to the American people about how much his Administration is really spending.
Are you cool with that? Can the President spend an extra $761.5 billion off the books on top of all the other spending and it is no biggie for you?
To understand how these accounting shenanigans amount to corruption benefiting unions and other factions backing the Democratic Party, look at what assets back the funded aspect of the federal government employee pension system…IOUs from future taxpayers (some too young to vote) in the form of government bonds. The Obama Administration is so corrupt that it will not put more IOUs into the pension funds, because then we selfish citizens would know how much his Administration is actually spending to benefit his political supporters; instead Obama is increasing federal liabilities and not reporting it as an expense.
To the point, the Congress will have to increase the federal debt ceiling by almost a trillion dollars just because of these unfunded pension liabilities, which make promised spending cuts look like the ephemera that they are.
Should President Obama’s willfully corrupt misreporting of true federal expenses and liabilities trigger a downgrade of federal debt by S&P and the other rating agencies? Will the courts protect the rating agencies’ free speech?
What are the lesson’s to be learned by selfish citizens?
- Government control does not eliminate risks; see frequent government cover ups regarding the consequences of its policies created by our present politicians.
- While actors in the private sector behave responsibly by fulfilling agreed commitment to employees and planning long term, our current politicians do the opposite.
- Especially, in the Obama Administration, our federal government has become so corrupt (think modern spoils system) that it is becoming more dangerous to our polity than the media is willing or able to identify.
Extra Point: See problems that Illinois (Land of Obama) is having with its underfunded state employee pensions and the downgrading of that state’s debt.
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