Biden’s Latest Credit Card Gambit Shows He Has Little Grasp of How the Economy Works
Credit Cards by Nick Youngson CC BY-SA 3.0 Pix4free
The Biden administration wants to protect the public from “predatory credit cards.” He is also trying to fight the inflation he created through reckless spending and borrowing by demanding companies earn lower profits. It is dangerous to allow the government to decide what qualifies as predatory or what rate of profit or interest is enough for private companies. Price controls always result in shortages, loss of income, and lower standards of living for the majority of the population. If you need proof, look at Cuba, Venezuela, North Korea, or the old Soviet Union.
This administration claims to have “forgiven” $1.2 billion in student loan debt.
