Things are very, really terrible in year two of Joe Biden’s excruciatingly horrible administration. Americans have enjoyed the strongest pay rise in 40 years and the lowest jobless rate in 50 years under Trump. Biden sabotaged energy independence from the start. In barely over a month, Trump transformed the United States into a net oil exporter. And it’s not only gas prices that are breaking all kinds of milestones.
Biden aggravates the supply-chain crisis. The preceding and other dumb Biden initiatives have resulted in a minor economic crisis. So, with all of this Biden economic heinousness fresh in everyone’s minds, why would Congress approve this? In the name of ‘helping the little guy,’ DC ensures that only billionaires may obtain a loan.
Moreover, Joe Biden has made the economy worse than in decades. And now his Democratic colleagues in Congress are considering a restriction on loans to the poor, which the poor need. Ohio Democrat Senator Sherrod Brown claps himself on the shoulder to co-sponsor this nonsense.
“Payday loans” got their name because poor people used them when they ran out of money before payday. For example, their automobile breaks down and they need to drive to work to get paid on payday. Rich folks don’t require payday loans since they have enough money to meet such expenses.
According to the reports, the banks judged too large have grown by more than 30% since the Act’s passage in 2010. The assets of the six largest US financial institutions now exceed $10 trillion, accounting for about 60% of GDP. Meanwhile, their smaller rivals are battling to stay afloat. Community banks and credit unions are going out of business at a rate of one per day. Access to local banking services is dwindling as well.
“Local banking services” include short-term loans and credit lines for the needy. After DC assassinated one lender to the poor, another arose to take its place. The most well-known of many examples? How Gas Price Controls Cause Shortages in the 1970s Price limitations converted a slight change into a considerable scarcity.
When people can’t profit from something, they cease making it. Due to artificial pricing limitations, making a profit on payday loans will be very hard. As a result, no one will offer payday loans anymore because that’s how humans are. And it’s not the payday lenders that are the most hurt. These short-term loans are badly needed by the underprivileged.