If you think the most recent "embrace the suck" passed in the House that screws military veterans ' pension benefits is just one step in the effort to screw vets, you'd be wrong. In fact, these ideas and worse have been brewing in Washington for a few years now. I first covered this issue in 2011, when the Obama Administration first began proposing 85 percent cuts in military pension plans. I noted later that year that a big battle was brewing over it, and then again in 2012 when some of the proposed cuts became part of Grand Bargain negotiations. Each time, military families have fought back, including our very own angelajean, MilitaryTracy, and others who are part of the Daily Kos Military Group . First and foremost, join their campaign to fight this cut in military benefits.

Make no mistake, the Administration and Congress have big plans for military veterans and their retirement and none of them are good.

Among the changes being considered:



The Department should establish a new structure for the military retirement system, based on annual contributions. One model for this new structure is the existing Uniformed Military Personnel Thrift Savings Plan (TSP).

The TSP operates in much the same way as a 401(k) plan, which is the largest scam ever perpetrated in the history of finance. Money is taken out of your meager military pay and then invested in mutual-type funds. They work just like a 401(k) plan, in that you can take the money out before you retire, borrow against it, or play around in high-risk securities with it. One of the funds invests in government securities and is managed by the Plan's trustees. Those funds will not ever lose money, so long as there is never a default. But, you guessed right, the rest of the funds are invested in Wall Street securities. Those funds are managed by Larry Fink's BlackRock, a spin-off of Steven Schwartzman's Blackstone Group. Management fees are, of course, paid to BlackRock. How nice is that?

Please read below the fold for more on military benefits.

