It doesn't pay to save, but business debt does
It doesn't pay to save, but business debt does"
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In his column, “In the Tough Years to Come, We’ll Spell Relief S-a-v-i-n-g-s” (Oct. 28), James Flanigan mentioned the 9% interest rate for government and corporate bonds. Consider: After a
year, individual investors ostensibly have $1.09 for every dollar saved. After deducting the 9.3% state tax and 33% federal tax and 5% inflation, you are left with a net return of under a
half a percent. Capitalist greed certainly is not what drives the desire to save. Fear of old age impoverishment may. On the other hand, consider corporate borrowers who pay 11% interest. If
the company is making money, tax deductions pay them back roughly half the interest cost, leaving them an interest expense of about 5.5%. By paying back their loan in inflated dollars,
their net cost is about 0.5%. When I hear stories about the need to reduce interest costs, I get the urge to take out a violin and play sad tunes. WILLIAM BUCHMAN Los Angeles MORE TO READ
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