Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

Deficit Reduction Proposals Target Federal Employees

Here it is folks, the President's Debt Commission's  Co-Chair DRAFT to reduce the federal deficit to 60% of GDP in five years. There are many solid proposals including a $100 billion dollar reduction in Defense and another $100 billion reduction in non-Defense federal spending. It also calls for a 10% reduction in the federal workforce and a 15% reduction in the Congressional and the Executive Office of the President's budgets.

Social Security minimum retirement age would rise, COLAs would decrease. Also, the more you make, the less you would take! America's most vocal subversive, Keith Olbermann loves that one. The rest, not so much.

It's a bad news day for federal employees.  First USA TODAY reports that federal employees making over $150,000 have multiplied by 10 in just five years! Then the draft of this report is released. There is a ton of bad news in it for both current and retired federal employees. Here are some of the highlights

-Freeze Federal salaries,bonuses and other compensation for three years
-Use highest 5 years to calculate civil service pensions
-Require federal workers to contribute 1/2 the cost (currently 1/14) For the math impaired, that's a 43% INCREASE in employee contribution
-Reform (LOWER) COLA payments for civilian and military early retirees
-Reform FEHB Retiree Plans to INCREASE cost sharing for Federal Civilian Retirees
-Reform formula to determine both Social Security and Civil Service COLAs (lower cost of living adjustments)

Read the entire report here
Tags: economy, feds, today, usa

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