I can remember thirty years ago when banks paid 7% on savings.
Applying the Rule of 72 that meant your money doubled every 11 years.
My current savings rate at Chase is 0.02%.
If I bought a 5-year CD I'd get a 2% rate. So that at least would earn something...it would double in 36 years.
I wonder if I'll ever earn 7% in this country in my lifetime. The Treasury Department can't have savings competing with T-bills for earnings; so it would have to match rates; and the Federal Reserve can't have the national debt double every twenty years.
This loss of the most basic earnings vehicle is a harsh taking of wealth by government.
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2 comments:
IS VERY GOOD..............................
holy crap, your savings rate is 0.02%??? that's highway robbery :/
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