Maybe it's one of many steps that need to be done to get the public finances back on track. But again, how is it that we could afford the initial easy Wall Street bailout that kept bonuses flowing, followed by a watered down attempt at regulation and then the most recent quantitative easing that puts more money in the pockets of Wall Street? This routine of asking for cutbacks from everyone except those most responsible for the economic crisis is BS. It sounds like yet another example of the White House eagerly reaching out to the Republicans while asking for nothing in return. There better be strings attached or something in return (such as unemployment benefits) or else there's going to be yet another problem among the base.
I'm still waiting to see some sacrifice from Wall Street and the military budget.
According to an administration statement, the two-year pay freeze will save $2 billion for the remainder of fiscal year 2011, $28 billion over the next five years, and more than $60 billion over the next decade.
The freeze does not apply to military personnel, but will apply to all civilian federal employees, including those in various alternative pay plans and those working at the Department of Defense.
"This freeze is not to punish federal workers or to disrespect the work that they do," the White House said in a statement. "It is the first of many actions we will take in the upcoming budget to put our nation on sound fiscal footing -- which will ask for some sacrifice from us all."
