Printing money devastates savings


Are we better off than in 2008?

The answer to that question for our family is, absolutely not.

My wife and I have worked hard for 40 years, were prudent in our spending and made saving for children's college and the future a priority. The government has stolen from our hard work and priorities by printing money to fund entitlement programs.

The last two years have caused the value of the dollar to drop about 1 percent a month. I have seen several estimates that American families have lost 40 percent since President Obama took office. Truly, both parties have a responsibility for this misguided policy. It is a policy that steals from the elderly on fixed incomes and the prudent and hard-working who have saved.

For my wife and me, it has meant the loss of about $25,000 in real value for every $100,000 saved over the last two years.

The cost of Obamacare makes this even worse. We now know at least part of what is in the bill. Over the next 10 years it will reduce Medicare by $710 billion. It also increases the monthly cost -- a tax increase with interesting timing:

2011 -- $96.40 per month.

2012 -- $104.20 per month.

2013 -- $120.20 per month.

2014 -- $247 per month.

These two issues are devastating for the prudent who have saved and for seniors and those on fixed incomes. Obama and Obamacare need to go away. Vote wisely.

Ted Richerzhagen

College Place


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