Theres about 0% chance of this happening without something totally catastrophic being bundled alongside it, like allowing creditors to come into debtors homes and beat them with sticks.
What that would actually mean is a complete lock-out on credit cards for the poor.
Actually asking, not rhetorical: if poor people are already getting charged based on what they can afford, would this policy exert a downward force on prices?
So way less financing options, slightly more buying outright?
Problem is the assumption that prices would go down if some people cannot afford it.
Whats happening instead is people going hungry and homeless.
The reason for this is that Supply:Demand Equilibrium is further up in price range where fewer sales at higher value yields the maximum profit.
Sure, if we presuppose that credit cards exist as a way for a middleman company to make a huge profit and pay their CEO tens of millions of dollars annually. If we instead consider them a regulatable utility, the necessary rates for viable operation go pretty far down. The business model of “convenience is free or even costs less than cash for those who already have plenty, and this convenience is funded by the destitute who are being held down by the exact same people” is also suspect to begin with, and I’d rather DiSrUpT tHe EcOnOmY than remain complicit, which I am
Considering how many Americans have crippling credit card debt, especially poor people, would that be worse? I’m sure they’d still offer those credit builder cards with low limits that you have to deposit collateral for the limit.
Don’t Americans have a thing called Credit Score. If you are not paying off debt you don’t build up a score and good luck getting a mortgage without one.
I’d expect a lot more use of buy now pay later schemes like Klarna.
It’s similar to a credit card, but prevents build up of crippling debt.
I personally use my credit card and pay in full each month, not because I need the credit, but because in the UK you get the benefit of Section 75 protection on purchases. I’ve used that a few times when companies have gone bust. If I’d paid on debit card I’d have been screwed.
Buy now, pay later does not prevent crippling debt. It makes it easy to buy without thinking or realising the actual cost. It makes is easy to stack up invoices that you in the end can’t afford.
Trump promises require GOP to back him up to ever get close to being implemented. GOP have always voted against bank regulation/extortion limiting. People earning tips are not big GOP donors, so fuck them. Taxes on SS are only paid by richest SS earners, but GOP have been going around on trying to get overall SS cuts.
Any promise not Project 2025 is politician lip moving meant to bring Project 2025.
Since trump’s party controls the entire gov right now he is going to be pissed when he learns he can’t blame his failures on the dems for most of the country.
He absolutely still can, his voting bloc is full of low information voters that just want validation for the racist/misogynistic hate they feel
Key dem senators were bribed to sabotage Biden’s climate and other agendas. Confirmations for any anti pharma/war cabinet picks are certainly bribable. Gaetz is no problem, even if fuss made, though. There is some hope that the stupidity of destroying EVs and IRA gets blocked. Spending $1T to deport millions is going to have lobbyists intervene too.
Watch him do it anyway.
I hope you are wrong
Wow, Bernie is willing to work with actual Hitler?? ( ͡° ͜ʖ ͡°)
Trump lied, he serves the rich bankers
ha ha ha ha ha ha riiiiight good one bernie
If Dems all act eager to act on Trump’s actually good promises (untaxed tips for instance), it’ll bite the GOP that much more when he backs out of those promises
I hope so, but they’ll just blame the Dems anyway and they core voters will just believe it.
Imagine that, scooping up cold butter on a spatula and slapping it indiscriminately on your partner’s exposed butt.
I’m not sure I want to imagine that in this context. Other contexts, no problemo. Just not this one.
Room temperature butter is superior in both sound and splatter.
You don’t?
Might be my background - lived half my life in a country where credit cards are interest-free for religious purposes - but 10% still seems insane.
Compare that to the ~30% I’ve seen, that’s sadly an amazing shift (lol, which won’t ever happen with the fascist caucus), but I commend Bernie for trying.
I’d never heard of this, how do the banks make any money on the card, annual fees or something?
They already make 2-3% on every purchase
Which is an insane return by itself if people use their cards for everything, as they do in the US.
No, we had a flat annual fee for usage. There was a fee for withdrawing cash but no making purchases.
Credit cards companies have a merchant fee, ussually around 2%.
It was illegal for vendors to charge a fee for card purchases, so if that was the case then they maybe just raised their prices.
Iirc, surcharging is only illegal in 4 states. However, theres a loop hole in thise states, giving a discount on cash purchases arent considered a surcharge…
The merchant is charged the fee, not you directly as the cardholder. It’s already figured into the price if they accept cards.
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Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.
Yes, we had a flat annual fee for use.
LOL, Bernie knows that’s never going to happen. He’s just reminding the world of an empty promise that trump made, and openly offering his help so that Trump can’t say the Democrats blocked him. He’ll still say it, but there will be readily available evidence to the contrary, not that that’s ever mattered before.
Goddamn I fucking love Bernie.
Why doesn’t Bernie understand Trump was just joking when he said that?!
Talk about owning the libs!
Bernie can’t even get a joke!
Bernie can’t even get a joke!
I hope you are joking.
Just a prank bro! A social experiment!
Just like all that election fraud stuff. Totally joking guys. Got you good eh?
I know Bernie is being polite and playing politics, but let’s be honest: Trump keeping this promise is about as likely as Hell freezing over.
It’s not polite, it’s calling him out. Trump will say/lie about anything. At one point Trump said exactly this. He didn’t mean it, he just said some shit.
Bernie is repeating his own words because occasionally Trump says something good without any intent to follow up.
So Bernie is taking him at his word. He knows Trump will never do it, but if he can call the hypocrite out and trick him into agreeing, why not?
To want to talk about 4D Chess? There it is.
I guess we’ll see, but I think we can all appreciate his willingness to go straight to brass tacks and hold Trump’s feet to the flame while the entire Democrat Party leadership is still busy clutching their pearls.
That’s Bernie for ya!
Yeah I was gonna say this reads like “no balls”
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If you somehow failed to detect the sarcasm that comment was absolutely dripping with, that’s on you.
What good things that Trump did promise? I am surprised that he promised this even though we know that it won’t happen.
What good things that Trump did promise?
Flying cars.
I’m not joking.
I work blue collar, and lots of us are hopeful he will do the tax free overtime. I think he was just saying that, and I didn’t vote for him, but that would be game changer.
Would it be a game changer? It means you can do overtime without being taxed for it, right? Or maybe less taxed.
That sounds like a quick and dirty way to exhaust the population even more in order to keep the bread and circus going on.
So you got the folks working 60-100 hours a week then because it makes them a lot more money, so they are just slaving their life away. Wouldn’t a better fix be raising minimum wages?
What’ll actually happen under the Trump administration is that companies will be allowed to force mandatory overtime during the times they want it, and then cut your hours through the rest of the month so that your average hours are still less than 40.
What I’d like is some changes in loopholes. I worked 60-100 weeks at a movie theater as a young adult, and didn’t get overtime pay because it was the “entertainment industry.”
That’s what capitalists want, workers racing each other to the bottom.
I’m not the person you’re replying to, but though I agree that raising the minimum wage would be helpful, plenty of people are working overtime as is, even if they make more than 15/hr just to make ends meet. Plenty of people are working overtime for 20-30/hr. Would their wages go up if minimum wage went up? Maybe, but likely not and there’s certainly no guarantee. Plus, several states already have 15 as the minimum so it wouldn’t really matter to them.
I’m a dem voter, and obviously there are much better ways to help people than tax free overtime, but I understand why that would be appealing.
it’s been long enough that minimum wage should be $25/hr anyways
Smart workers then get contracts that specify anything over two hours a week is overtime.
not how that works
Populists promise lots of good things; it’s just that most ring-wing populists tend to have their fingers crossed behind their back.
It’s not about right wing or left wing populists. All populists lie because the only thing they want is to see their face on TV and to be in power.
How anyone could trust a man that cant even pay his contractors is beyond me.
Bernie should run for president one of these days…
Bernie calling out bullshit yet again.
