Yesterday I mentioned how an online petition may help draw attention of how savers are being unfairly punished by the Fed's monetary policies. There's something else that you can do to help. I was contacted by a reporter from a major national publication. They're working on an article on the topic of the Fed's zero-interest-rate policy and how it's affecting savers. They're looking to talk to people about how they are being impacted by the prolonged low interest rate environment. The reporter is particularly interested in finding out whether the Fed's announcement that rates will remain low to late 2014 will impact their spending, savings or investing plans, or if they've made any changes in these areas in the last six months because of the low-rate environment.
If you're interested in being interviewed by the reporter, please email me your phone number (ken at depositaccounts.com). I will forward the reporter your name, phone number and email address. The reporter will likely do the interview over the phone. If they decide to use you in their article, they will probably want to mention your full name in the article. So keep that in mind.
In addition to showing how the low rates are reducing incomes, the article should also show how it's affecting spending. Many economists think low rates will stimulate the economy since it'll spur more borrowing and spending. However, when rates are held too low for too long, people who are living off their savings will be cutting back on their spending. Economists know that you can't just keep raising taxes to raise revenue. When taxes get too high, the revenue will fall. I would think the same is true with interest rates. When rates fall too low for too long, overall spending won't keep rising.