December 1, 2010


News that President “Obama proposed a two-year freeze on raises for federal employees , apparently in some sort of concession to the reality of the midterm elections” signals the erosion of fixed incomes before the raging deficit torrents. . . . The politicians who did the hiring neglected to say they would be paying salaries on credit; funding it from the deficit; putting it on the credit card. Now that the monthly minimums can’t be met except by borrowing from the printing press, they’ve come to the reluctant conclusion that they have to welsh on those promised salaries and pensions to those already onboard.

Read the whole thing.

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