Today's Trib featured an article on Pittsburgh's Mayor and his reputation for thriftiness. All fine and dandy. People should save.
But we do take exception to a quote from Penn State's Nancy Crago in same article:
A "Pittsburgh Saves" brochure titled "Build Wealth Not Debt" suggests saving $50 a month in an account with a 5 percent yield would amount to $29,775 in 25 years.
Organizers acknowledged that interest rates are much lower.
"But even if it's 1 percent, you'll have more at the end of the year," said Nancy Crago, senior extension educator at Penn State Cooperative Extension in Allegheny County. Crago suggests people eat out less often, forgo coffee shop beverages and work to lower utility bills.
Really? And what will that do, Nancy, other than put more local people out of work? And people who are already on the low end of the pay scale as it is, often as a second job so they have something TO save? We forget, your salary is paid by State College, not Pittsburgh. What do you care about what happens here? Hey, while we're at it, why not pay JoePa a million less so your undergrads can afford a cup of coffee at Saint's Cafe?
Why is always "eating out" and "coffeeshops" that are the examples given for this kind of psuedo "expert" analysis? How about buying less stuff you don't need in general and trying to keep purchases local when possible so you're actually supporting your neighbors and keeping tax revenues here instead of giving more to mega-corporations that rely on near-slave labor from overseas?
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