The vast majority of U.S. Savings Bonds are now sold through banks and credit unions. But come 2012, the only way to buy these staid, safe-but-underwhelming products is via the Internet. The move is expected to save the government $70 million over the next five years. But how much will the government lose out on because fewer people will be buying bonds?
According to USA Today, only 11% of U.S. Savings Bonds purchased over the last nine months were bought through TreasuryDirect, the Treasury Department’s financial services website. In the interest of stirring up more e-business—and cutting costs related to paper bonds—Treasury announced today that as of January 1, 2012, savings bonds will no longer be sold at financial institutions. They’ll only be available in electronic form by direct purchase through TreasuryDirect, though paper bonds can still be bought with one’s tax refund.
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1 comment:
Stupid as usual. No Government personnel will be reduced. They will just have less work to do for the same amount of taxpayer money. Don't believe me? Just check out www.gpo.gov and see all the effort (we fund them for) for outsourcing what we fund them for. Why even have a GPO?
Washington is out of control and all they can think of is what other themselves can be funded. Congress and Federal employees will get their pensions but private sector employees who only have Social Security "may" get screwed.
Don't give this President FOUR MORE YEARS to make out lives miserable.
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