News – DC destroys economy – then bans lending to poor people

As we know, we are only just into the second year of the utterly dreadful Joe Biden administration. Things are really, really bad.

But our national status was, until recently, the polar opposite of exceedingly terrible. Oh how fast we fell. How? Why?

All the best, previous President Donald Trump, had Biden undone and undone.

Which is a shame. Because Trump has done US LOTS of good.

Trump gave America our best economy in generations.

Ten reasons the Trump economy is the best in fifty years

Trump raised wages for everyone. For low-income Americans, it was the first raise in many decades.

Under Trump, Americans have seen their best wage growth in 40 years

Wages Rise: The US economy now works best for low-wage workers

Trump has turned us into a net oil exporter in just over a month in office.

Breakthrough: Under Trump, the US will become the most important oil exporter

We’re giving you just a fraction of Trump’s presidential legacy — to remind everyone how good we’ve had recently.

Biden murdered our energy independence — on day one.

Biden suspends oil and gas leasing in a series of executive actions

The first of his many attacks on our energy sector.

Biden government stokes higher energy prices with oil and gas crackdown, JEC analysis shows

Which of course led to this.

Biden breaks record with highest-ever gas prices

And it’s not just gas prices that are setting obnoxious records.

Bidenflation worst in 40 years

All of this — and other stupid Biden policies — has led to a small supply problem.

Biden is making supply chain chaos worse

All of this – and other stupid Biden policies – has created a small economic problem.

Joe Biden’s economy is already a disaster. Here is the table that proves it

So with all this Biden economic horror in mind, why would Congress do that?

DC Makes Sure Only Billionaires Can Get a Loan – in the Name of ‘Helping the Little Guy’

Biden has made the economy the worst it has been in many decades. And now his Congressional Democrats are trying to ban loans to the poor. Which poor people desperately need — because Biden has made the economy its worst in many decades.

Congress is seeking a price cap on so-called “payday loans.” Here is the utterly awful Ohio Democratic Senator, Sherrod Brown, patting himself on the back for condoning this idiocy.

“Payday loans” are so called because poor people take out the loans when they run out of money before payday. For example, if their car breaks down – and they need to get the car running… to get to work to get paid on payday.

Rich people don’t need payday loans – because they have the money to cover such things.

Poor people used to get these loans from small community banks. But DC took care of that.

Killing Community Banks: Intended episode of Dodd-Frank:

“The banks classified as too large are more than 30% larger than before the law was passed in 2010 and 80% larger than before the 2008 banking crisis 60% of GDP; and they control nearly 50% of all bank deposits.

“Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at a rate of one a day. Access to local banking services is disappearing with them.”

“Local banking services” – such as short-term loans and lines of credit for poor people.

Business abhors a vacuum. After DC murdered one poor man lender, another emerged in his place. Born was the payday lender.

DC won’t let that stand either. They want to cap payday loans on price – but we know what that really means.

As basic economics and 10,000 years of human history tell us, price caps kill the limited product. The most famous of MANY examples?

How gas price controls triggered shortages in the 1970s:

“The era of price controls is most remembered for long lines at gas stations….

“Back then, ‘price controls turned a small adjustment into a big shortage,’ said Thomas Sowell.”

If you can’t make a profit from something, stop making that something. Because human nature. because duh

Artificial price caps on payday loans – make it nearly impossible to make a profit on payday loans. So no one will offer payday loans anymore. Because human nature. because duh

And the people who are hit hardest aren’t the payday lenders. Though it’s ridiculously stupidly hard on them.

Payday borrowers are the hardest hit. The poor people who desperately need these short-term loans.

Especially now – amidst Biden’s most dreadful economy.

Isn’t DC great? First, they make it impossible for people to make money. Then they make it impossible for people to borrow money.

It’s all so very, very helpful.

Photo by GPA Photo Archive, Public Domain Mark 1.0.

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