We’re accustomed to progressive politicians railing against corporate greed, but this economic illiteracy isn’t confined to California or the left. The ongoing congressional hearings on credit card rates will likely feature posturing and big-government claptrap. Sen. Bernie Sanders supports capping credit card interest rates at 10 percent, but his statement is identical to one made by Sen. Josh Hawley, a pro-MAGA Republican.
This contradictory world of populism resembles the Horseshoe Theory of Politics, where the extremes of Left and Right inhabit the ends of a horseshoe rather than opposite ends of a line. Their positions often are the same, even if each side got there by a different ideological route.
The author laments the lack of a libertarian moment, where the public understands that limiting government meddling and promoting free choice is the best way to ensure social peace and prosperity. Instead, the major parties have learned to love the Nanny State.
The author argues that limiting credit card rates to 10 percent will mean that only wealthy people with high credit scores will be able to have them, and that it’s improper government meddling in private transactions. The caps will also dry up credit, inadvertently denying temporary financial resources to families dealing with price hikes.
The author believes that this approach is not confined to banking regulations, but will be applied to trade policy and health policy as well. The appointment of Robert F. Kennedy Jr. to head Health and Human Services is a prime example of the GOP’s new take on the Nanny State, as he vows to make Americans healthy again.
The author concludes that Newsom’s positioning himself as the head of the Trump resistance, but who knew that he’d have so much in common with the new administration?
