How QE3 Squeezes Seniors

With U.S. and global growth slowing, Federal Reserve chairman Ben Bernanke is pumping more money into the banking system in an attempt to rescue the economy. This has lowered interest rates, reducing the return from savings. Seniors are particularly hard-hit, because 10 percent of their income comes from interest on savings. If interest rates were 2 percent rather than 1 percent, the average senior would have an additional...