Americans Still Lack Savings, Despite Cuts

I plan on saving money, still! Haven't we learned our lesson, the rainy day is coming, no matter how fast the house appreciates or how high the company's stocks go, what goes up, will come down.

As for the comment about tax cuts stimulating savings, all I can say is, GIVE ME A BREAK. Tax cuts have not boosted savings rates in the past and they will not boost personal savings rates now. The temporary stimulus plans are a direct, quick, and efficient way to get money into the hands of the poor and middle class, those most likely to spend funds meant to stimulate the economy, not pad a wealthy person's bank account.

In the current economy tax cuts will hurt, not help, the majority of Americans. Further reduction of the government's revenue base will cause reduction and elimination of basic and safety net programs-education, housing assistance, unemployment insurance, food stamps, welfare, Medicaid and Medicare. Tax cuts are ploy to transfer money from the majority to an elite and limited number of corporations and the wealthy.

Mel of DE 11:33AM August 26, 2009