To the Editor:
Over the weekend we heard from our 44-year-old niece. She was fretting over her 401k. She is employed as a teacher in Alaska and has been since she got out of college, so she has around 20 years service. She said her 401k was up just $1,000 over what she has contributed.
All I told her is that she is not alone. All 401k’s are suffering: the stock market is flat since Obama has been in office, and his economic policies of running up $6 trillion in deficits and having the Fed create $7 trillion dollars in a going-nowhere economy have driven interest rates below 1 percent.
As a retiree with 85 percent of my retirement funds in U.S. Treasuries, a 10-year yield of 1 percent is pathetic.
Obama is on the way to achieving his objectives of redistribution and retribution against my generation. He is redistributing income from the makers to the takers and ruining the economy in the process. In addition, those of us who over the decades have been trying to provide for our retirement have been battered by his distaste of those who strive for independence by lowering interest rates and punishing savings — pure retribution.
Thanks for nothing, Barack. Exit 2012 can’t come soon enough.