that saying is parroted enough that people believe it but the people who don't save when %rates are low would be the same people who never save any money when the rates are high
its just costing them less right now but the rent always comes due
If you save a buck even at low/no interest rates … you still got that buck
Sorry, but you are way off base here. It's parroted because savings should, and historically have, form the basis of investment in an economy. But money is being made out of thin air these days and speaking of the rent always coming due… you just wait to see the outcome of that.
Your view that savers will always save and non savers will always spend is simplistic. Interest rates set the floor for non speculative returns. Historical average interest rates do not encourage Joe average to save up for a holiday, but they do provide income for retirees. And at zero interest rates, there is zero option for non speculative income. This forces retirees to put their money into speculative assets (stock market and real estate), which is exactly why we have a global stock and real estate bubble. And yes, it encourages borrowing to speculate on these assets, and totally punishes savers who just want to sit on their cash, which is why debt is out of control.
And finally, if you save a buck at low/no interest rate, you certainly won't have that buck a year down the road. Inflation will take care of that for you. And if you think the published inflation rates are even remotely reflective of the decline in purchasing power you clearly aren't paying rent, buying houses, buying a phone plan, paying utilities, paying property taxes or eating food from either restaurants or grocery stores. Sure, if the only thing you spend your money on is computer chips I guess your costs are decreasing. Other than that, all the other items mentioned are up way more than 5% on the last 12 months. So your buck that you get 0.15% interest on in your savings account is now worth 95.015c if you're lucky.
This is not going to end well. It's a miracle it's gone on this long, and it could go on for a while yet, but at some point it will all end in tears, and interest rates will be forced upwards when countries can no longer sell their treasuries and bonds because they are insolvent due to unmanageable debt. If it wasn't for the US$ being the global reserve currency, they'd already be there, since they are more broke than Puerto Rico and Greece, but no-one wants to admit it yet; especially China who holds 1.27 trillion in US treasuries.
Interest rates will rise at some point, but it will be in spite of the efforts of the fed, rather than directly because of them.