Political Quotes

“We are now living in a country where people over 50 years of age have lost their shirts. The catastrophic effects of the market on baby boomers and older people is pouring out now in stories, in the newspapers about people going back to work, about people selling their homes, and the rest of it. Do not think that this does not apply as well to Federal employees. Allowing us, those of us who work in the Federal Government, to catch up, as it were, with what is already the case in the private sector could not come at a more opportune time. In the first place, one does not have to put their money into the traditional stock market. The TSP is very conservative. They could put all of their money into bonds. They could in fact decide that this might be an important way to make up for some of the losses almost all of us have incurred in the market over the past year, 18 months. And what this means is very important. In the first year, in addition to what someone already contributes, they can put in an additional $1,000. The next year they can put in an additional $2,000, until of course they reach $5,000 and then they will be able to contribute, as private employees do, an additional $5,000 a year to the TSP.”