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The Fed is supposedly going to consider another interest rate cut this week. What few people are mentioning is that this ALSO cuts the interest rate on savings!
Those of us who aren't in debt and don't have much but try to put a little bit by in savings for a rainy day are going to see even less of a return. The government doesn't want lower income folks to save and they're banking on us to spend that tax refund to help save the economy. What's wrong with this picture?
I wouldn't worry too much... I predict interest rates won't go lower than 2.75-3.0% and will actually go upwards to be around 4.5-4.75% in a years time and remain stable. The best way to stimulate the economy is PERMANENT tax cuts, not handout patches... but it sure does make a lot of ppl happier knowing they get some of their money (and for some people, other people's money into their hands). I hope most people save and not spend, especially the lower socioeconomic class, but I highly doubt it... I am debating whether to save or to spend in some other country to stimulate their economy as a political stance...
The Fed is supposedly going to consider another interest rate cut this week. What few people are mentioning is that this ALSO cuts the interest rate on savings!
Those of us who aren't in debt and don't have much but try to put a little bit by in savings for a rainy day are going to see even less of a return. The government doesn't want lower income folks to save and they're banking on us to spend that tax refund to help save the economy. What's wrong with this picture?
That's true, but it also makes homes more affordable by lowering interest rates even further. If you're worried about declining savings interest, why not buy a CD and lock in a good rate right now?
I wouldn't worry too much... I predict interest rates won't go lower than 2.75-3.0% and will actually go upwards to be around 4.5-4.75% in a years time and remain stable. The best way to stimulate the economy is PERMANENT tax cuts, not handout patches... but it sure does make a lot of ppl happier knowing they get some of their money (and for some people, other people's money into their hands). I hope most people save and not spend, especially the lower socioeconomic class, but I highly doubt it... I am debating whether to save or to spend in some other country to stimulate their economy as a political stance...
I hope you're right about interest rates increasing. Every little bit sure helps!
Hahahaha, it's funny you should mention spending the refund in another country. I was considering a trip to see my best friend in England with part of mine! I haven't seen her in almost 3 years, since I got sick.
The best way to stimulate the economy is PERMANENT tax cuts, not handout patches...
A better way might be to plug the gaping hole that is Iraq, enact significant tax/revenue increases, and start investing in the much-needed restoration of our public infrastructure...
A better way might be to plug the gaping hole that is Iraq, enact significant tax/revenue increases, and start investing in the much-needed restoration of our public infrastructure...
Or better even still, pull ALL of our troops out of EVERY foreign country, pull ALL of our foreign aid as well, and then we can give more tax cuts and STILL have enough money to take care of our problems at home.
Or better even still, pull ALL of our troops out of EVERY foreign country, pull ALL of our foreign aid as well, and then we can give more tax cuts and STILL have enough money to take care of our problems at home.
Yeah, no kidding. When Bush was in the Middle East last week, was it my imagination or did he promise Saudi Arabia $15 billion for weapons?
Or better even still, pull ALL of our troops out of EVERY foreign country, pull ALL of our foreign aid as well, and then we can give more tax cuts and STILL have enough money to take care of our problems at home.
Really, we have to start focusing on this. The rate cuts this week were planned a long time ago. It's meant to stimulate a sagging market and create more money for more debt. I don't see how staying in debt and going deeper is helping us. Inflation alone is eating up a lot of peoples' money. Everything is more expensive if it's made overseas. Food is more expensive because of fuel prices. Do we even need to talk about gas prices? I'm happy to see a $2.99 sign? Come on. It's inflation and it's the same as a tax. It's taking money out of peoples' pockets. It's spending ourselves as a nation and personally deeper into debt lowering the value of the dollar. We have to really start bringing manufacturing jobs back to this country.
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