Come on Federal Reserve, raise interest rates.
The Fed has dangled this in front of us long enough. On the coin’s other side of raising loan interest, stand the elderly.
For years we’ve received zero (or very near) interest on our hard-earned life savings. We worked long years, sold our houses, etc. Interest rates will not raise greatly anyway (.25 percent).
Also, we have no 2016 Social Security raise. Banks are using our money with no fair recompense. We’ve read that American banks are operating profitably again. So what’s up?
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Living costs, rent, food, medical insurance, etc., continue to rise yearly. How long can seniors hold on?
To the younger generations: We are not getting off scot-free. My medical insurance plans cost me $5,000 per year. My Social Security check does not cover expenses. I withdraw savings.
Our generation (Great Depression, World War II) worked diligently, did without luxuries and were frugal. We need a break!