Regarding your editorial “The Coronavirus ‘Stimulus’” (March 4): Reducing the fed funds rate to 1% will do nothing to stop the spread of the coronavirus but will severely increase the pain already suffered by millions of senior Americans. They saved their money, as they were taught to do in the 1930s and ’40s, bought only what they could pay for during their earning years, and foolishly expected to live off their savings in their old age.
Today saving seems to be a hopelessly outdated concept, considered obstructive to the economy by the academics at the Fed. Thriftiness was considered a virtue by most of my generation. We survived the mistakes of our government leaders that led to the Great Depression. We stood in line outside banks with our parents, hoping the latest government mistakes wouldn’t make our savings vanish, and worked and saved during the privations of World War II.
We paid for what we bought and kept our savings in the most secure investments available. Now we can thank the academics at the Fed for an economy that will give us an income of less than $1,000 if you have $100,000 saved.
The attention of our nation is focused today on the election in November. For my generation there are no candidates, or even a political party, that seem capable of guiding an economy that protects the life’s work product of the generation that fought the wars, both military and economic, went without and paid their own way while paying for “entitlements” for the millions who have inherited what we produced.
David F. Sweeney,