This week USA Today took a look at one budget component: federal employee pay. They found out that:
"The number of federal workers earning $150,000 or more a year has soared tenfold in the past five years and doubled since President Obama took office"
The numbers are stunning: those earning over $150,000 in the past five years have grown from 7,420 to 82,034, a 1,006% increase. More shockingly, those earning over $180,000 has surged from just 805 in 2005, to 16,912 in 2010: a 2,001% increase.
In response to this runaway reckless spending, Congress has decided to clamp down and only give the 2.1 million Federal workers a 1.4% raise this year across the board.
That was not a typo. The salaries are increasing.
I have friends who work for the federal government or work for a company that does work for the federal government. They make an exorbitant amount of money.
And you know what? They are doing the right thing. Why not continue to cash out while the money is good?
As long as they continue to funnel their massive paychecks into non-dollar based investments (which many of them are), and they keep their passport ready to exit America once this party is over, then god bless them.
We will leave the baby boomers here with their $100 trillion credit card tab. And please don't worry, I am positive you'll find someone else who is more than willing to pick up the bill.
h/t Tyler Durden