Thursday, September 30, 2010

Blame Richard Burr for your loss of income


You've gone to the bank to roll over your CD. Instead of getting 5%, the bank is only offering you 1%. You're on a fixed income. Your income has dropped significantly because the bank won't give you much of anything now on your savings and CDs. Who is to blame for your declining income?

Richard Burr is to blame. Welcome to the outcome of our Republican economy.

Banks offer less because our Federal Reserve Board had to significantly lower interest rates in order to stave off economic depression. We're here because Republicans jacked spending, slashed taxes, waged war, and pushed our society into homes they couldn't afford. The end result was an economic calamity of monumental proportions.

The steps to save our economy hurt good people, but help the irresponsible among us. The Federal Reserve Board has to push interest rates through the floor. Savers and retired seniors on fixed incomes lose. Their wealth and income get transferred to banks. Responsible home owners lose. Their wealth evaporates in an avalanche of foreclosures. Wealth, savings, and income get destroyed.

Over-indebted homeowners win. They get a myriad of taxpayer money thrown in their direction. Fat cat Bankers win. They get their bonuses and pensions saved. Fat cat corporate executives win. They fire all the little people, push up company profits, and keep their own pay and bonuses jacked through the roof. Responsible, hard working people are the losers. Irresponsible people win, big.

Richard Burr is to blame. Welcome to the Republican economy. Welcome to America.

North Carolina deserves better than Republican Senator Richard Burr.

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