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|Subject: Obama kills retiree nest eggs||Date: 4/4/2011 10:28 AM|
|Author: telegraph||Number: 32073 of 59113|
Obama busts retirees nest egg by artificially keeping interest rates down!
"Mr. Yeager is among the legion of retirees who find themselves on the wrong end of the Federal Reserve's epic attempt to rescue the economy with cheap money.
A long spell of low interest rates has created a windfall worth billions to banks, mortgage borrowers and others it was designed to benefit"
"The longer the central bank keeps interest rates low to stimulate the economy, the more money it pulls out of the pockets of millions of savers. Among the most vulnerable are retirees, who have few options to restore lost income on investments built up over entire lifetimes.
In 2009, according to the most recent data available from the Labor Department, average annual investment income for the 24.6 million American households headed by people 65 and older amounted to $2,564. That figure is down 34% from 2007, and is the lowest since 2003."
In other words hayseedians, Obama puts retirees last (they don't give much to politicians) and hates anyone with 'wealth'. Why should they get income from it? Half of them live off SOcial Security and don't have any savings or get fat cat public sector pensions. It's the other half now scraping by.
Bailing out banks, unions, Government Motors, and others is more important to Obama than letting folks live on a bit more than dog food and Goodwill pr dumpster clothing.
Just you don't love that 0.24% interest from your 'savings'? While inflation is going up 5% a year for gas and food? Well, food up 50% and gas up 100% since Obama took office. Geez, what a great record!
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