patrick.net

People already default on CCs without pretty much any meaningful recourse. When there is a collateral for the loan (house, car, stonks) the rates are not 25%.

Another good example of "conservatives" being completely lost in their "principles": they are angry about government not allowing raw milk because government says "it's bad for you", but in the same breath they demand government to ban processed food containing certain ingridients because they say "it's bad for you".

RWSGFY says

Another good example of "conservatives" being completely lost in their "principles": they are angry about government not allowing raw milk because government says "it's bad for you", but in the same breath they demand government to ban processed food containing certain ingridients because they say "it's bad for you".

Raw milk is fine as long as there's a warning on it that many raw products carry the risk of contamination with e. coli et all so people can make informed decisions. Personally I think neo it's worth the risk as it happens so rarely and the benefits outweigh the risk. However that's not the same as some body selling food containing poison harmful at any dosage and occasion, cumulatively. There has to be a threshold, sure colorant or artificial sweeteners again with warnings maybe should not be forbidden as long as studies don't clearly show its poisonous, but other clearly harmful substances should be forbidden). That's why you have a scientific process to determine the damage if any, which can always be adjusted or reversed on follow up studies showing a different outcome.

So it boils down to what "the science" says? I vaguely remember "the science" say we must vaccinate with some safe and effective vaccine not long ago...

Don't ban/mandate things, just give people information and let them decide? But this is exactly how CC works: you know the interest rate, you know how much you'll pay overall. It's all there. And yet, "conservative" Cucker Tarlson is angry and demands change. 🤡

RWSGFY says

So now "conservatives" want the government meddling in people's finances, food they eat ... what's next? "Conservatives" clamoring for gubmint to make them vaccinate? I mean, if government know better at what rate I must borrow, it sure as shit knows what vaccine I should take, amirite?

Allowing poor to write off CC interest really isn't meddling in their affairs. People make mistakes. If allowing the poor to write off the interest on debt, the CC company still gets its money (profit/corporate taxes), but maybe it gets the poor out of food stamp land (savings) which is massively more expensive to everyone else that pays in.

People are stupid and make their own bed and sleep in it. But I don't want that to be at MY expense as someone that will pay $50-60k in federal taxes in 2025. If poorer people can write the interest off, it could lift maybe 500k people out of link cards and other government subsidies, section 8. And yes, some would spend more. But that's more corporate taxes.

It would be a policy that benefits everyone. It used to be that way 30-40 years ago. It sure as shit has potential to make at least a small dent in the deficit. I want less government, but there's ways we can reduce costs. Paying people to buy food is stupid. That's what link/food stamps is. If their net income hits a certain level, we don't have to pay for it as tax payers.

The stupid will keep spending and stay on link and the others will stop making me buy their groceries if they can write off some CC debt (interest). We'd gain more with link and section 8 in my scenario getting off the government budget. And it would be a political winner for whoever proposes it because the poor would think it's a win.

RWSGFY says

So it boils down to what "the science" says? I vaguely remember "the science" say we must vaccinate with some safe and effective vaccine not long ago...

Don't ban/mandate things, just give people information and let them decide? But this is exactly how CC works: you know the interest rate, you know how much you'll pay overall. It's all there. And yet, "conservative" Cucker Tarlson is angry and demands change. 🤡

That was not science, they criminally withheld all the bad data and flat out lied. Zero to do with science. The fact that nobody has been prosecuted shows the bad state the US is in. Giving the information and letting people decide is fine, but that information has to come from science and math as well, otherwise people cannot make informed decisions.

Writing off debt is already allowed. Cucker apparently wants government to cap the interest. These things don't work together without someone stepping in and compensating the loss from the artificially lowered rates with risks staying the same. And by someone we mean government, because who else. So basically he demands governmemt subsidies for "poor people". Which basically means further expansion of the wellfare state. Which is the epitomy of conservatism (sarcasm alert). 🤡

RWSGFY says

Writing off debt is already allowed. Cucker apparently wants government to cap the interest. These things don't work together without someone stepping in and compensating the loss from the artificially lowered rates with risks staying the same. And by someone we mean government, because who else. So basically he demands governmemt subsidies for "poor people". Which basically means further expansion of the wellfare state. Which is the epitomy of conservatism (sarcasm alert). 🤡

This is not a monetary subsidy such as money printing and bank bailouts. It's impact could be to deny people credit who are too high risk which may not be a bad thing. The banks only loan out money at 20%+ currently because they get max revenues when the party is good and get bailed out when it's bad. I'm fine with free market credit rates IF we abolish the FED today and banks have to get money from other banks and savers at free market rates. AND let states enforce their own usury laws if they have em, so banks can and will decide where to do business. That's more Libertarian a la Stossel and not conservative (Tucker), although there is a small govt by any means conservative wing. Stossel is also more aligned with big ag food and letting consimers decide if they want to consume it.