When your bosses, or your elected representatives, are millionaires

6/20/17 – Today Mike Causey, Federal News Radio, published an article entitled “When your bosses are millionaires” – I couldn’t agree with him more.

Mike says “With a billionaire president and a majority-millionaire House and Senate, federal workers and retirees, most of whom aren’t millionaires, face an uphill battle with their bosses. Those who inherited their wealth have no idea what it’s like struggling to pay the electric bill or deciding whether to do without a family vacation for all, or braces for little Jimmy. Those who made their millions AFTER being elected and serving in Congress should be role models for the rest of us on how to manage money.”

Mr. Causey certainly says what we all have known for years – most of our elected officials have no idea how most of us have to scrape out a living for our families. Check out this wealth list by MSN – The 25 richest members of Congress (2016).

“The administration is calling upon Congress to make major changes in the federal retirement system. It wants FERS workers to increase their retirement contributions by 1 percent a year over each of the next six years. No problem for a millionaire on the federal payroll. Big problem for people for whom take-home pay is the reality. It wants to wipe out cost-of-living adjustments for FERS retirees. Not a problem if you have millions on hand. Major problem when inflation wipes out your annuity. It wants to reduce future cost-of-living adjustments for CSRS retirees, which will gradually erode the buying power of their pensions. But no biggie for politicians who enjoy an enhanced version of the two retirement programs.” Mike tells us.

The Federal-Postal Coalition has helped round up 100 House members who say they will oppose efforts to hold down future federal pay raises (which were held down by the Clinton, Bush and Obama administrations). Read more here.

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