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To the editor:
As a Trump supporter, I'm a little embarrassed to point out the inconvenient truth of Trump's plan to take control of the Federal Reserve.
Trump wants to lower to Fed's interest rate to help control the massive interest that is due on the government's debt. With an inflation rate of 2.7%, any interest rate that is paid on a savings account that is below 2.7% gives a negative rate of return.
This obviously penalizes anyone that placed their retirement savings in a traditional bank savings account.
Seniors who spent their lives saving for retirement should not be penalized by the government actions just to try to compensate for the government's inability to control its spending. A fair rate of return should be reasonable and not artificially set to make up for-out-of-control spending.
It is a sad state of affairs when citizens are urged to save their money and then rewarded with unfair interest rates on their traditional savings accounts. Makes anyone that saves money look like a fool.
Of course, maybe this is just how we do things nowadays.
Don't save, spend, spend, spend. Maybe someone will come in and pay off our bills.
George Hoover
Cape Coral