Rebate not so stimulating

A senior retired couple can still end up on the short end of the stick.

Uncle Sam cuts the couple, who have a combined income of less than $75,000, a check for $1,200. That’s good.

Let’s say they aren’t investors but have $100,000 in CDs to supplement their retirement and Social Security checks. If they renew their CDs from a rate of 5 percent a year ago to the present rate of 2.25 percent, they take a hit of $2,750. That’s a net loss of $1,550. That’s bad.

Some people just can’t win, and that’s not stimulating.

Joe F. Dragosh
Independence

Comments

[joy]

Joe, what is your opinion of the economy now? How could anyone do better than our current President?

You have always had interesting comments. I may not agree but I enjoy to hear your thoughts

Joy HH

[jack]

Even though he is not who I would vote for if the election were today, an extremely contradictory part of me has begun to hope he wins. I want to see if the world ends on election night if this happens.

Bet it won't.

[T. Hanson]

NMMNG has changed my mind... I think we need to set up a fund to help those poor oil companies. Why do we pick on them so much.

Please donate to the Oil Funds Owed For the Future (O F OFF).

Cheney thanks you.

[NoMoreMrNiceGuy]

Well Joe, the oil companies are not fairing much better with their single digit returns.

http://www.hollycorp.com/investor/hollycorp.annualreport.2007.pdf

[NoMoreMrNiceGuy]

Oh but Obama's "tax credits" for the select few that "qaulify" no, that's not vote buying.
It is really entertaining, that if when a Democrat hands out freebies, it is noble but when a Republican gives back money to those that actually PAID into the tax base, they are evil.
I say do away with Child Care Txa Credits and Earned Income Tax Credits, those are simply in place to buy votes just like Nancy P's foodstamp stimulus proposal.

[Casady]

I'm not necessarily sure I understand Mr. Dragosh's correlation between the tax rebate and a reduction in the interest rates on CDs. Is he insinuating that the rebate results in a reduction in interest rates? Now that's bad

[Stifled Freedom]

Countrywide still pays 4% on thier internet direct accounts.

The stimulus had nothing to do with stimulus. It was vote buying by Republicans....and they used your money to do it.

[jack]

This isn't a "stimulus check". This is a "keep things afloat until I can get out of office" check.

[NoMoreMrNiceGuy]

At least you have the choice to invest, there are other more agressive vehicles you can invest in. You don't have a net loss, just less capital gain. You also may want to check around at various banks to get the best rate on CDs. Bank Midwest offers 3.50% on a 60 month CD. Take a look at Bankrate.com and you will find more CDs with higher yields. At least you gain interest and have control over the investment, you could have that $100k tied up in the social security scam with no control over it and when you die, it goes to the pork barrel spenders.