Lots of elderly have saved their whole lives, and depend on CD income to supplement Social Security and/or pensions. How does anyone gain if this group can't make ends meet, start needing welfare, and stop spending money?
CD rates have been cut in half since GWB took office. For many, it has been a disincentive to invest...they need twice as much principal to generate the interest they used to get.
Pandering to the elderly? How about calling it rewarding those who spent their whole lives paying their bills, raising children, working hard, and saving for their futures with at least a 5% interest rate on long term CDs?