The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
  • makeasnek@lemmy.mlEnglish
    1·
    7 months ago

    You can’t save if your currency is constantly losing value. Putting money in a savings account is just slowly moving value from you to whoever controls the money printer and expands the supply.

  • filister@lemmy.worldEnglish
    1·
    6 months ago

    My parents lost all their savings due to hyperinflation. I can’t imagine how crushing this could be to a parent. All your life you have saved some money, putting them every month to a savings account in a bank, just to wake up one day and realise that they have disappeared.

    Back then I didn’t realise how bad it is, but now as an adult, I can only imagine how they felt back then. Life sucks and fucks you up a lot.