Leaders should promote savings

  • Article by: R.T. RYBAK and CHRIS COLEMAN
  • Updated: November 16, 2008 - 9:55 PM

Saving our economy means saving for retirement, and no one should use the recession as a reason not to save, say Mayors R.T. Rybak and Chris Coleman.

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cunderwood4Nov. 16, 0810:18 PM

Perhaps not most, but quite a few people HAVE been saving for the future, and investing their savings in the stock market in one form or another. Do the mayors truly not understand what has happened to nearly half of those savings? It seems that the CEOs got it, and then they got a huge federal bailout on top of the loot they walked away with before. Meanwhile, jobs are outsourced, the government is spending money like crazy on wars to protect the oil interests, the infrastructure is crumbling, and nearly every public program has either been privatized or just plain destroyed. It's time to plant those victory gardens again. This time for our own basic nutrition.

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pastabirdNov. 17, 08 6:56 AM

Let's see many of us just 'lost' 25% to 35% in our ?investments. But we should put more money into those retirement funds, into plans that most people have no idea how to invest and rely upon the management to not bilk us out of when they themselves go bankrupt. Let's lower the interest rate on CD's and savings accounts so we can spend more and prop up the economy. Raise our property taxes because the cities got used to the extra income from the inflated housing market. YES by all means SAVE money but many of do not have an opportunity to have employer matched retirement funds and must learn to save on our own. If the government really wants to help then they should have a separate type of savings account where a person can make a decent interest and not have to rely upon the volatility of the stock market. 1.5% in general passbook savings is pathetic and CD's are not much better.

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msaueressigNov. 17, 08 7:32 AM

Under Alan Greenspans/George Bush policies the saver was royally screwed. Only the CEOs, bankers, and land speculators have made money. With land values down, Mutual Funds losing more then 70% of there value in one year, and now job loses, it tough to pay one's bills. If the government wants to promote savings why doesn't it reward the small saver like the CEOs, Bankers, and Hedge Fund Managers.

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mahoneytNov. 17, 08 8:05 AM

that this country and ESPECIALLY the state of Minnesota keeps increasing every single tax, how the hell does the average person have enough to put in savings? If the government would STOP wasting our money and STOP increasing taxes, then maybe, just maybe we'll have a chance to save a buck!

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dsteele04Nov. 17, 08 8:07 AM

Some employers are going the wrong way by preparing to pare their matching 401k contribtions. They should be moving to an equal match and employees should take advantage and contribute the max. Where do they think our future growth capital is going to come from? An added benefit is that their investments can be purchased at all time lows. This is an opportunity to improve ones portfolio and help stimulate our economy. The 401k program is beneficial to everyone in our economy and should be recognized as such.

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