OPINION:
Anyone who has been involved in business knows that the cost of running a business is directly related to the cost of money, the cost of energy and the cost of employees.
So it seems incredible that the Federal Reserve has been observing inflation and employment — and simply expecting these things to improve on their own, without any input from it with respect to the cost of money, an integral cost of running a business.
Doesn’t that seem a bit far-fetched? With interest rates as high as they have been for a small business to survive or start, it’s a miracle to me that we have any small business left in this country.
Start-ups and small business are where the largest labor-force increases come from. They also provide product and services at more competitive prices, bringing down the cost of goods.
Big business can survive and grow on their profits, and high-income and retired people can do quite well and enjoy life with current interest rates.
I believe that the current and past policy of the Federal Reserve has been shaped to protect and preserve the status quo, not to provide any advantage to the lower part of our economy. The central bank has been holding down growth while keeping the status quo happy.
It’s time for change.
Columbia, South Carolina
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