|Bernanke -- No friend to Seniors|
A couple of years ago, when I took early retirement (okay, to be honest, when I was forced to retire; okay to be perfectly honest, when I was unceremoniously tossed out of my corporation by the top executives who were looting company coffers for their own options and bonuses) I left with a reasonably respectable lump sum payment. I took a chunk of that money and stashed it in a nice, safe money market fund. It paid $700 or $800 a month in interest and provided me with a little financial cushion. But today, that same amount of savings pays me a paltry $25 a month.Thank you, Mr. Bernanke.
In the U.S. today an estimated 25 to 30 million people live on a fixed income and rely on interest from their savings to supplement their standard of living. Mr. Bernanke has forced all of them to take a pay cut. Some of these people are well off and can afford to take a hit -- and maybe they have other investments to make up the difference. But the overwhelming majority are merely taking in a few extra dollars to supplement their pension or Social Security check -- and those supplemental dollars are getting squeezed down to nothing.
Of course, Ben Bernanke's low interest rate policy is a good deal for the federal government, which is borrowing money like an addicted gambler. And it's been a boon to banks and financial institutions on Wall Street, and maybe some people who have been able to refinance their mortgages. But for the 60-plus crowd it's meant nothing but financial distress. And do you really think it's fair that senior citizens who've saved up a bit of money for their retirement should be the ones bailing out Wall Street?
So, Mr. Bernanke, help out some older people. Raise those interest rates!
Besides, a lot of retired folks, if they got a little better yield on their CDs, would go right out and spend that money. I think they'd do a better job than the banks in stimulating the economy. Don't you?