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House passes fed pension hike
By Kellie Lunney
3:46 PM ET
Federal employees would have to contribute more to their government pensions under a bill approved by the House Thursday.
The House voted 218-199 with one Republican voting present for legislation (H.R. 5652) that requires current federal workers to pay 5 percent more toward their retirement, with the increase introduced incrementally over the next five years, beginning in 2013. Members of Congress enrolled in the Federal Employees Retirement System would have to contribute an additional 8.5 percent to their defined benefit plan, with the hike added during the same time period. Federal employees hired after 2012 would begin contributing the additional 5 percent immediately.
Thank you (R) House of Representatives for that additional pay freeze for DoD and VA.A spending bill the House approved Thursday night includes language that would effectively extend the two-year pay freeze for some civilian employees. The White House has pledged to veto the measure.
The Military Construction and Veterans Affairs appropriations bill, passed 407-12, would prolong the pay freeze for some employees at the Defense and Veterans Affairs departments by cutting funds that otherwise would have gone toward the 0.5 percent civilian pay hike President Obama requested in his fiscal 2013 budget. The bill reduces Defense civilian personnel spending by $2.3 million and cuts VA spending that would have gone toward raises by nearly $100 million.
According to a statement from Office of Management and Budget, President Obama’s senior advisers would recommend he veto the spending bill because they believe it departs from the agreement the White House and Congress reached in enacting the 2011 Budget Control Act.
OMB encouraged Congress to support the president’s 0.5 percent pay raise proposal. “As the president stated in his fiscal 2013 budget, a permanent pay freeze is neither sustainable nor desirable,” OMB said.
My greatest hope is that they allow me to opt out.
Grab your ankles.
Paul Ryan's (R) bill to raise what we kick in for FERS retirement just passed the House with 218 votes this afternoon.
That sends the bill over to the Senate.
More:
Government News, Research and Events for Federal Employees - GovExec.com
Thank you SIR may I have another?
Republicans propose federal pension hikes to fund student loan program
House Republicans have proposed increasing federal retirement contributions by 1.2 percent over the next three years to pay for a one-year extension of the reduced interest rate for student loans.
In a letter to President Obama dated Thursday, Republicans from both chambers of Congress rejected Senate Democrats’ proposal to pay for a one year extension of a reduced interest rate for subsidized Stafford student loans with a tax hike on small businesses. Republicans suggested three alternatives to the tax hike, the first of which targets federal employees’ pension contributions.
“We believe our alternative is reasonable and responsible, but in the interest of finding common ground,” Republican lawmakers wrote.
Under the proposal, those in the Civil Service Retirement System and those in the Federal Employees Retirement System would contribute 0.4 percent more to their pensions in calendar years 2012 through 2015. This would add up to a 1.2 percent increase over current contribution levels. The House passed a bill earlier this month that includes a 5 percent pension hike phased in over five years for CSRS and FERS employees.
For me the disturbing part is why do we continue to subsidize an individual's education, that is at its very core a personal benefit to the individual? We're effectively taking money from everyone, to help out the few with their student loans. How is that fair? Oh wait, I remember: Upwards of 50% of American taxpayers don't end up paying a dime in federal tax each year so why would they care? Higher education is one of the biggest scams going (rivaled only by the global warming crowd), with costs rising year after year with ever increasing layers of bureaucracy (useless and unneeded adminstrators and professors who don't actually teach), offering degrees in nonsense. To think that everyone needs to go to college to "succeed" in life is ridicules. Like the judge said, "The world needs ditch diggers, too, Danny." The higher education crowd pushes and pushes more and more loan subsidies so they can in turn raise their tuition rates. Coupled with the younger generation believing education is their "right" and you've got a recipe for disaster. Why should I subsidize some young clown's desire to get a degree in the study of XYZ? Pay for it yourself. The government needs to get out of the student loan business entirely. Give it back to the banks and let the market decide what a fair price for an education is.
It's common knowledge that college graduates make more money over their lifetime than non-college graduates. So why should we subsidize their education when they're going to make enough money to pay it back?
... That should make any taxpayer feel good that they subsidized two years of copious amounts of alcohol consumption, smoking dope and getting laid vice actually learning (there's a concept!).
...That should make any taxpayer feel good that they subsidized two years of copious amounts of alcohol consumption, smoking dope and getting laid vice actually learning (there's a concept!).
World's oldest graduate, Aussie grandfather picks up fourth degree aged 97
A 97-year-old Aussie man will become the world's oldest university graduate, more than seven decades after attaining his fourth degree.
Allan Stewart became the world's oldest graduate when he earned a law degree aged 91.
He will surpass his own record on Friday when he graduates with a Master of Clinical Science (Complementary Medicine) from Southern Cross University in Lismore.
Mr Stewart, a former career dentist now living at Port Stephens on the state's mid-north coast, said that at 97 years and 58 days, his fourth university degree may be his last.
"I can hang up my mortar board and academic robes after this one, although I said that after my last degree and then I got bored," he said in a statement.
"I have so much time on my hands these days and I like to keep mentally active."
More:
http://www.tntmagazine.com/news/wor...ie-grandfather-picks-up-fourth-degree-aged-97
...they subsidized two years of copious amounts of alcohol consumption, smoking dope and getting laid...
Today (Today’s Student Loan Recipients are Tomorrow’s Economic Elite)
".....since 2008 the Federal Government has effectively socialized the student loan market by enacting laws to eliminate private lender participation in administering Federal loans......"
".....student loans owned by the Federal Government have grown from $111 billion at the end of 2008 to $425 billion (L. 106) as of December 31, 2011, a compound annualized growth rate of 56%. With a 9% default rate among borrowers in the most recent cohort and no collateral to cushion default severities (there are added protections in bankruptcy), the program’s interest rate would be insufficient to cover expected credit losses at today’s default rates....."
".....With no externality or market failure to correct, the case for subsidized student loans seems to rest on the cost of college tuition and the fact that it has grown faster than the rate of inflation for many decades. But why should anyone believe the cost of tuition is exogenous to government subsidies?....."
".....Imagine a favorite area restaurant that grew so popular that the prices of its menu items grew well in excess of inflation. If the government provided cash and loan subsidies to help patrons of the restaurant finance their meals, the net effect on affordability would probably be nil, as the restaurant’s owners would likely respond by raising prices. By relaxing patrons’ budget constraints but doing nothing to control costs, the policy would simply increase demand for a good that’s already in fixed supply, which is clearly a recipe for inflation....."
".....The effect of cash and loan subsidies for higher education are unlikely to be any different. Colleges and universities have simply responded to the subsidies through increased tuition and housing costs. While the share of the population with college degrees has increased to a high of 30%, college completion rates have fallen as the increase in enrollment has not been matched by a similar increase in graduates. The student loan program appears to have stimulated enrollments, without a corresponding increase in graduates. This leaves households in the worst position of all, with the added debt associated with student loans but no degree to show for them....."
Today (Today’s Student Loan Recipients are Tomorrow’s Economic Elite)
".....since 2008 the Federal Government has effectively socialized the student loan market by enacting laws to eliminate private lender participation in administering Federal loans......"
....."