The Trump administration has been pushing for lower interest rates for quite some time, and the president has claimed that he knows more about interest rates than does the Federal Reserve chairman. But are lower interest rates in the economy good for everyone?

The answer depends on whether an individual or an institution is a net saver or a net borrower. For example, interest rates have a massive impact on the cost of servicing America’s national debt, which is now in the range of about $1 trillion a year just in interest payments. That could easily double over the next decade, especially if deficit spending continues unabated. The only budget items that exceed that are Social Security and Medicare. Worse, those three are essentially untouchable, so there’s no relief in sight. Lower inter

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