Congress Is Looting Federal Worker, Military Retirement Funds, Says William Fruth, Founder of 10 Amendments for Freedom
PALM CITY, Fla., Feb. 16 /PRNewswire-USNewswire/ -- As of January 1, 2010, the amount of money owed to federal civilian and military pension trust funds passed the $1 trillion mark as Congress continues to loot all of the federal government's trust funds to pay for deficit spending.
More money is now owed by the federal government to these two funds than what is owed to China.
"In the future, little kids in kindergarten and their children will have to repay these funds," stated William H. Fruth, founder of the 10 Amendments for Freedom.
"Those responsible for creating this massive, unconscionable debt will be dead and gone, not able to hear the howling curses directed toward them by those who will have to pay in the future," Fruth continued.
For the first three months of the 2010 fiscal year (October, November, and December), Congress borrowed more than $400 billion to pay for its deficits.
Of this amount, Congress spent more than $65 billion of the money which is supposed to be in federal government workers' retirement funds.
A trust fund is like a savings account. Money is deposited into the fund to be spent another day, when it is needed. The Social Security Trust Fund is the best-known. However, Congress has spent all of the savings in all of its trust funds.
The following chart shows the national debt and the money which has been borrowed from several trust funds as of January 1, 2010:
Total National Debt: 12,298,936,000,000
Public Debt - Owed to individuals, banks, foreign entities: 7,811,009,000,000
Intergovernmental Debt - Owed to federal trust funds: 4,487,927,000,000
Owed to selected trust funds:
Social Security Trust Fund (includes disability): 2,518,540,000,000
Medicare Trust Fund: 304,612,000,000
Federal Civil Service Retirement: 750,208,000,000
Military Retirement: 295,792,000,000
Source: U.S. Treasury
Each month federal workers and the federal government make a deposit into retirement funds which are to be drawn upon when workers retire.
However, Congress has spent all of the money in the Federal Civilian and Military Retirement Funds to pay for deficits. More than $1 trillion is now owed to just these two funds.
"When these people retire, taxes will have to be increased to replenish the funds," Fruth continued. "This financial burden will fall upon today's youth."
The 10 Amendments for Freedom is a movement to add ten specific amendments to the Constitution by way of an Article V. convention. Amendment One, Balanced Budget, will prevent Congress from spending the money in its funds and trusts.
For more information regarding the 10 Amendments for Freedom, go to http://www.10amendments.org.
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SOURCE 10 Amendments for Freedom, Inc.