I just received a notice that my High Yield American Express Savings Account has dropped its rate from 3.80% to 3.60%. I remember it being 4.00% at the end of last year, and even a bit higher when I opened the account earlier in the year.

So, let’s recap:

• Credit card interest rates are up
• My pay is stagnating
• My retirement funds are losing money
• And now, my savings rate is steadily declining

All this while “he who must not be named” shot the whole economy in the foot with what amounts to the largest tax increase in American history, all while claiming “the other country pays the tariff.”

From what I’ve seen — and this is just my read on the situation — it looks like savings rates are falling for a few reasons: the Federal Reserve may lower the benchmark rate, competition among banks for new deposits is cooling, and fewer people are borrowing or opening new credit lines. That last one I can see firsthand — I've cut almost all discretionary spending. Over the next few months, I plan to cut even more and accelerate debt payments, driven by high interest rates and the looming fear my employer will cut jobs later this year. If they do, I hope I'm not among those affected.

These two articles back up what I’ve been thinking:

• BestMoney: Savings Rate Forecast
• Business Insider: Banking Forecast

I can really feel all this “winning” — for the other side, whoever they may be.

If we “win” much more, I’ll be completely broke. And hearing a U.S. President say something like:

“Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally.” — Donald Trump, Meet the Press, May 2025

is beyond belief. If any other President — Democrat or Republican — had said that, we’d see congressional hearings around the clock, possibly even impeachment proceedings.

Even Senator Rand Paul, who leans more Libertarian than Republican, opposed Trump’s tariffs — which, let’s be honest, were just taxes by another name.

At what point will both parties say “enough” to this madness? We do need reforms in this country — real reforms, fundamental changes — but it’s a lie that everything in government is broken. Even Elon Musk’s side project Doge-fueled “President Dunce” act couldn’t find $500 billion, let alone $2 trillion, in so-called government waste.

Now “he who must not be named” is talking about using impoundment — even if Congress passes a budget — just to do what he wants. At what point will Congress, especially Republicans, say: “We control the purse strings. You will spend the money the way we tell you to — or we’ll remove you.”

Republicans are so worried about the next election — but without independents like me, they may have already lost it.

Tags: #Savings #Tariffs #PersonalFinance #USPolitics

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