Well, that’s certainly what I would call QE-3. This article from El Paso, Inc. explains: Low-Interest Rate Losers: Good for Government, Bad For Consumers
Here’ the money quote:
Though bad for people trying to live off their savings, low interest rates happen to be quite good for anyone borrowing money, like governments themselves. Over time, interest rates below the inflation rate allow governments to refinance, erode or liquidate their debt, making it easier to live within their budgets without having to resort to more unpalatable spending cuts or tax increases.
Along with keeping rates low, governments are using a variety of tactics to encourage captive audiences, like pension funds and banks, to buy their debt. Consumers, in other words, are subtly subsidizing governments without even knowing it. Economists have compared this phenomenon to a hidden tax on people’s wealth. [emphasis added]
Read the whole thing.
See also this post from Instapundit for more links.
Where is the AARP on this? MIA. That’s because the AARP is run by Obama liberals who lobby for leftist ideology first and for seniors second, or maybe third or fourth. It’s also quite probable they’re just too dumb to understand what it’s all about.