(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .



The Federal Reserve is killing my retirement [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.', 'Backgroundurl Avatar_Large', 'Nickname', 'Joined', 'Created_At', 'Story Count', 'N_Stories', 'Comment Count', 'N_Comments', 'Popular Tags']

Date: 2022-10-20

This is not a popular view here. I know.



But thanks to the Federal Reserve hiking interest rates “to fight inflation”, the value of my 401k and 403b has dropped by 35% since the spikes started.



Worse they had just recovered from the Covid drop. (And that had finally gotten ten percent over where they were in the 2008 crash).

Destroying the stock market is not helping people, since most of us don’t have pensions and few are likely to get them in the future. Social Security is scraping along dealing with future funding as both parties have kicked the can down the road every year.

We have the majority and could force a fix through but too much appeasement with the GOP goes on. (Yeah, filibuster. got it. We could remove it, we have the majority)

The Fed does not care about us. It does not care that their spikes in rates makes home ownership even harder. Makes buying a car harder. Increases the cost of using a credit card. Makes student loans more expensive. Even makes it harder for people to open a business or keep a small one running.

Our party has let it run wild. It gave big banks and big businesses billions while squeezing workers. The Fed should be fighting inflation by helping the small guy. Put the money towards individuals to reduced their debt (the banks get their money and we get helped). Keep interest rates low so people can start building wealth with home ownership.



I know I will be told that the Fed is on our side (with a Trump appointee that was for some reason kept on instead of replaced like he should have been with a real progressive). That we have to crash the markets to stop inflation. (Instead of stopping it by encouraging increased production and more goods/services) that we have to slow the economy down to reduce the higher inflation.

We need a Fed that will work to stabilize prices not encourage them to rise every year.

[END]
---
[1] Url: https://www.dailykos.com/stories/2022/10/20/2130214/-The-Federal-Reserve-is-killing-my-retirement

Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/