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Help workers by encouraging savings

Oliver H. Wickerd Stonington

Publication: The Day

Published 03/13/2014 12:00 AM
Updated 03/12/2014 11:55 PM

I blame the current economic problems on the former chairman of the Federal Reserve, Alan Greenspan, who continued to lower interest rates on banking until the average man had no place to save his money and gain any return. At a rate of less than 1 percent it is hardly worth putting it in the bank. I think that if the banks went back to banking and paying a decent interest on savings, it would do a lot to improve the economy instead of playing the stock market, which doesn't do that much to help the average worker.

The trickle down effect didn't work and it never will. The rich get richer and the poor get poorer. This raise of the minimum wage will only make it more difficult for small businesses to survive and hire workers. That and Obamacare will kill them.

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