Fed’s Reduction of Interest Rate
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Recent news flash: Federal Reserve Board lowers interest rate to lowest level since 1964. This is the 15th time interest rates have been lowered since 1990.
Will someone please tell them that this scenario is not working. It is taking money out of the pockets of the consumer. It has only served to keep the stock market from falling out of bed. If you want to stimulate the economy, why not let interest rates come up a little so the consumer will have more to spend?
Another news flash: Lower income tax rates are being considered, or a rebate of $300 per person. This will not work either. Too little, too late. Tax reductions do not kick in until a year later. A one-time refund will not do the job. We need a steady flow of money into the pockets of the consumer. Tax cuts and refunds will make the deficit greater and do more harm than good.
The public will gain confidence and will spend our way back into prosperity with the right stimulus.
TOD E. STICE
Glendale
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