Political Quotes

“It speaks to the problem that we have which the Entitlement Commission pointed out that says they were not going to have the money to pay people their entitlements--retirement funds--when they come due. It says that in the future the COLA--the cost-of-living adjustment--that occurs automatically will only apply to the first $75,000 of retirement pay. I have checked. The Defense Department tells me no military personnel come under this. OMB tells me that something like one-tenth of 1 percent of total retirees would have this applied to them. But 30 years from now, after people who joined the military service or joined civil service under these rules come to retirement, it will have an impact. It is one way in the future prospectively to make sure we have money to pay the retirements that we promised.”