The Federal Reserve Board, the Fed, must increase the interest rate by another 1%.
America has 75,000,000 people aged 60 or over. Many, like me, are veterans who served in Korea, Cambodia, Lebanon, Libya, Iraq, Syria, Afghanistan and Vietnam.
Today’s mortgage rate is 4-5%. When current retirees bought a house from 1979 to 1990, the mortgage rate was 10% and above. In 1981, the rate was 18%! Today’s retirees have worked for over 47 years, they have paid high mortgage interest rates. American retirees and retired veterans are the “screwed generation”.
I live in a 55+ community and no one wants to invest in the risky stock market. American retirees have money in savings accounts and CDs. A 1% increase in the interest rate will mean that retirees will have between $75 and $175 more per month. A 1% interest increase will allow retirees to buy the prescription drugs they need, make doctor’s appointments, buy a newer laptop, buy the essentials the family needs needs and to visit their grandchildren. The Fed must decide, America’s retirees or the stock market and its privileged billionaires who never worked got their hands dirty and never served in the armed forces. A simple 1% increase in the interest rate would improve the lives of Americans.