Bank helps furloughed federal workers with loans against future pay

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Although not reported in the Sentinel, “Tea Partiers” demonstrated near the White House on Sunday – some carrying Confederate flags and demanding that President Obama renounce the Koran!

Meanwhile, as Dennis Webb reported (“Furloughed workers helped by loans against future pay”), Alpine Bank is admirably assisting federal employees victimized by the mindless government “shutdown”– because Congress passed a law guaranteeing that furloughed federal employees would be retroactively paid for not working.

Far more significant, however, is the Sentinel’s AP article:  “What happens if U.S. breaks borrowing limit” – which timely reports that, among the impacts of default will likely be the non-payment of Social Security and veterans’ benefits.  Because the “Tea Party” is substantially populated by both older Americans and veterans, they are “protesting” for a self-inflicted wound that will likely prove especially septic in the Grand Valley.

As The Denver Post reported two years ago—“Grand Junction suffered biggest decline of personal income in U.S. in 2010” (August 10, 2011) – a significant portion of our local economy depends on “transfer payments” (e.g., Social Security, veterans’, and federally subsidized unemployment benefits).

Statewide, transfer payments contributed between 28 percent of income gains in Boulder and 70 percent in Pueblo.  “Pueblo, Greeley and Grand Junction were the three metro areas in the state most dependent on government support to boost incomes.”

Thus, local businesses and realtors should be bracing for another 1980s “Bust” if the dysfunctional Congress fails to avert default by raising the debt limit, and the 3rd C.D. electorate (and the Sentinel’s editors) should be asking themselves why they supported an irresponsible “Tea Party” Congressman—Scott Tipton—who continues to espouse policies that will likely devastate the local economy and impoverish many of the gullible lemmings who trustingly voted for him.

The Sentinel should call for Tipton to resign.

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