SOS...Save Our Savers

4 US Code Section 8: Respect for flag

"a. The flag should never be displayed with the union down, except as a signal of dire distress in instances of extreme danger to life or property."

If you are a saver you are in dire distress.  There is extreme danger to your property.  The Federal Reserve  low interest rate policy is targeting savers to benefit debtors.  It is another example of the redistribution of America.  Savers are being penalized to bail out debtors.  People who did the right thing are paying for those who did the wrong thing.  Of course, at the top of that list are big banks and big government.  

According to the Bureau of Economic Analysis, the interest income of Americans dropped from $1.4 trillion in 2008 to less than $1 trillion in 2011.  Who are the biggest losers?  Patient, quiet, conservative savers who spent less than they earned over many years and put their money into savings accounts, CD's, money market funds and bonds. They worked hard to accumulate their nest egg and wanted to put their money in a safe place.  They are not interested in speculating in stocks or cashing in on commodities.  However, federal policies are robbing these savers of their hard earned money every day.

To put this amount of money in perspective, consider that the FICA payroll tax holiday carries a cost of $120 billion for the year.  This was supposedly done to put more money in people's pockets.  However, lost interest income to savers has taken well over 3 times that amount from savers.

If a $400 billion tax increase had been enacted on savers no one would stand for it.  However, we have seen this massive redistribution occur over the last three years with very little noise.  What is particularly troubling is that a lot of this cost has fallen on senior citizens who are paying this very high cost penalty on their life savings.  

It is time that someone starts to speak up for our savers.  I am putting the SOS flag out.  It is time to Save Our Savers.