Where does the Federal Reserve get the idea that, as Nita Ghei put it in a recent Op-Ed, “Granny and Grandpa … are doing quite well … seeing their incomes jump 12 percent” (“The poorer middle class,” Friday)? What planet is the Fed on?
I am a widowed “granny” on a fixed income, and I have seen my cash flow decline rapidly. I am not alone. Senior home values, incomes, investments, CDs and IRAs have all declined just as drastically as the assets of any other demographic group.
In some instances, ours have gone down more. We are also harder hit by medical, food and energy costs and tax increases. Maybe the Fed’s computations were based on overpaid, retired government workers with their fat pensions and health care, or wealthy lobbyists who abound in Washington.
I assure you, the average middle-class “granny and grandpa” are not doing all that well.
Oak Hill, Va.