For the Baby Boomers who've actually managed to save, and have a nice pile of US dollars sitting in the bank, looking forward to a nice retirement where they can buy the things they want and need to buy (like even healthcare or gas), and do the things they want to do (like travel), well, here's the news:
Ben Bernanke has just ruined your hopes and dreams. Ben Bernanke hates you.
He's destroyed the purchasing power of the US dollar, while at the same time conspiring with the Bureau of Labor to publish a laughably incorrect and understated CPI so that your social security COLAs are a joke and so that you can't see the true loss of purchasing power of your dollars.
OK, that was bad enough, right? Well, sorry to pile on, as I think it sucks what's happening, but I've got a bit more bad news...
The United States is bankrupt, and can't afford to pay out the benefits that you've been promised. So get ready for drastic cuts to Medicare, Medicaid and Social Security. And get ready for that prescription drug plan to disappear.
Oh, I hate to do it, but one more piece of bad news for the day, and again, don't blame the messenger, I'm just passing on the news, that's what we do here you know..
The value of your home has just crashed. You should have sold.