Re. the article “Study finds 1 in 5 approaching retirement don't have money saved” (Aug. 9): These so-called researchers from the Federal Reserve must have had their heads buried in the sand for the last 30 years.
Before Ronald Reagan became president, I had a savings account that paid 3.75-percent interest and a savings certificate that paid 6.25 percent.
Reagan and his “Reagonomics” deregulated the banking system, which destroyed the incentive to save money. With much lower interest rates, people started pulling their money out of the banks.
The minimum wage was $3.35 in 1981. It stayed frozen for almost 10 years, but there was no freeze in the prices of store-bought goods including food and clothing.
With stagnant wages and higher prices for goods, minimum- and low-wage workers found it nearly impossible to save money. Those people fell about 10 years behind everyone else.
The economy will not get better until the minimum wage is increased and those with the attitude, “I got mine; the hell with you,” change their ways.
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