Saturday, October 29, 2011

war on thrift

I can't bring myself to believe it is the federal government's policy to make all senior citizens totally dependent on Social Security and government largesse but when I see the devastation wrought on frugal people of my generation who laid by a nest egg so that, with interest on their funds, and Social Security they would have a comfortable retirement I must reappraise the situation. The Treasury has lowered interest rates so far that it is no longer possible to earn money on your savings. I am acquainted with seniors who are losing their homes because the income they expected from savings is no longer available to help pay the mortgage. They can't help grandkids or children. They must spend savings to stay afloat. This is hardly the result they expected when they put money aside each year. The government without, I hope , realizing it; is with this low interest rate policy transforming the industrious savers of the country from middle class to penurious wards of the state.


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