For a 61 year old contributing to the support of a mother with Alzheimers, whose savings have been wiped out earlier than expected by ZIRP Bernankecide, the piece below from the WSJ hit home. What the article does not mention, not once, is the role that ZIRP Bernakecide plays in this unfolding catastrophe. The WSJ and mainstream media generally support ZIRP Bernankecide without giving a second thought to its disastrous effects on millions of American families, and the consequences for the US economy, without even considering the negative economic effects related to insurance companies and pension funds.
The difference between the current ZIRP and a “normal” 4% return on low risk savings for most families would have meant several more years of maintaining principal and getting some income from it to offset living costs. Instead, every day more of the elderly go broke, often taking their children nearing retirement with them.
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This is a growing societal and economic disaster. More and more of the elderly are constantly being pushed into desperate straits by this willful central bank atrocity. Once the parents savings are gone, the children must suspend or even withdraw from their own savings to divert income to care for their parents. Then when the parents are sick enough, and without assets, they end up on the taxpayers’ dime on Medicaid. All of these societal costs could be avoided, or at least delayed, if interest rates were normalized.
Unfortunately, the criminal Bernanke simply does not care about these effects. He has basically said to those affected, “Tough luck.” Mainstream conomic pundits either support him, or pay no attention to this issue whatsoever. The Fed commits mass financial murder without a second giving a second thought to the consequences on the people whose lives it is destroying and the mainstream media is complicit, either by supporting the policy outright, or by remaining silent as millions are sent to financial death camps to await their fate.
ZIRP is more than a tax on the middle class to benefit the banks and bondholders. ZIRP is the financial genocide of the elderly and their children. It is Bernankecide.
Here’s the WSJ lead-in and video.
Baby boomers: Get ready for a double whammy.
For years now, there’s been a lot of talk about boomers getting tremendous windfalls as their parents pass on. Many boomers, in fact, have been lagging behind in their savings, betting on—hoping for—big bequests, especially since many of them suffered big losses in 2008.
But for a growing number of boomers, things aren’t going according to plan. The postwar generation is living longer—and many are spending their savings along the way. And, of course, many of them also took a hit in 2008.
The result is that, as a group, boomers likely won’t be getting as much of an inheritance as they hoped. Even worse, far from receiving a bequest, a growing number are tapping some of their own savings to help their cash-strapped parents make ends meet.
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