Stop Spending

   The Federal Reserve today boosted interest rates and said it will do it again.

   The bad news is that borrowers will pay more to indulge their practices, and will cut back on spending. In turn, this is likely to recede the economy in general.

   The good news is that savers will get more for their money, so rather than spend on getting more stuff at rising prices, their savings accounts will gain.

   Already, savers have seen interest rates rise to more than 1 percent, from near zero not long ago, and the latest move by the Fed will encourage people to save more and to spend less.

   Businesses will not be happy to see their income drop, but cynics point out that they have been boosting prices to such an extent that it hurts consumers.

   So who's to blame for soaring prices?