Democrats’ Latest Phony Inflation Scapegoat: Credit Cards – IOTW Report

Democrats’ Latest Phony Inflation Scapegoat: Credit Cards

Townhall:

In this administration, it’s always someone else’s fault. Inflation is now the No. 1 concern of voters, so the White House first blamed COVID. Then Donald Trump’s tax cuts. Then Vladimir Putin. Then meatpackers and the poultry industry, Big Oil and pharmaceutical companies.

Now, Democrats have identified a new inflation scapegoat: plastic. Visa, Mastercard, American Express and other credit cards hidden away in your wallet.

Sen. Dick Durbin (D-Illinois) has had it out for credit cards for almost two decades, even though over that period, credit cards, which were once reserved for the rich, are now nearly ubiquitous in our society. Many stores don’t even take cash anymore in the post-COVID world. The benefits and conveniences of paying with a plastic card are easily in the tens of billions of dollars to retailers and shoppers. Stores benefit because shoppers don’t have to have cash on hand to make purchases. They also benefit from not having to deal with the exchange of cash, which can lead to theft by unscrupulous employees at the register.

Credit cards are convenient for consumers because we don’t have to walk around with hundreds of dollars in our wallets.

But Democrats allege that the interchange fee that credit card companies charge retailers and merchants for their service on transactions is excessive. This interchange fee typically ranges between about 1% to 3% of the retail price of the transaction. If retailers don’t want to pay the cost because they think it is exorbitant, they don’t have to accept cards and can take cash only. Few retailers don’t take plastic every day to avoid paying the fees. It’s a free country. But the vast majority of retailers see the benefits far exceeding the costs. more

12 Comments on Democrats’ Latest Phony Inflation Scapegoat: Credit Cards

  1. Uncle Al – take good care of that slime mold and in 3 Billion years you’ll have another Dick Durbin.

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  2. Dick’s name is appropriate for him. 😁

    Is there anything in life that the Commie Pinkos don’t destroy and then proceed to put the blame on someone or something else? 🤔 Well that’s a big fat no.

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  3. How about each of us eliminates one shithead liberal, so that ALL life of this planet can revert to normal? M’kay?

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  4. Fun how these bastards crawl under a rock and disappear for a while only to pop up again making headlines.

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  5. WINCO, where I do most of my grocery shopping does not accept credit cards but only cash, debit cards or checks, and it works out well for them. I use my debit card for most of my purchases. So, when are the nosy assholes on the left gonna call for banning debit cards? They don’t have problems with EBT cards which are more prone to fraud and abuse than anything else are they.

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  6. I paid off my credit cards about 4 or 5 years ago, I do not miss them and will not get another one because I don’t need any more debt. My bills are minimal, and my house payment and mortgage are extremely reasonable, and I probably tend towards being more of a tightwad with my money as I have gotten older. I can live within my means which is something I learned well from my parents and grandparents who lived thru the Great Depression of the late 1920’s and 1930’s. I buy quality stuff that will last a long time and I drive an almost 30-year-old Subaru Legacy AWD station wagon which is in excellent condition. And above all I have a satisfied mind with what I have and lots of God’s abundant grace.

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  7. While it should not apply to debit cards as they take existing money from existing accounts, I have read that credit — be it with credit cards or loans — is, in effect, printing money. The bank (or whatever) does not have the cash to back up all the transactions; they put it on credit. Go up enough levels and you will find the Federal Reserve who gives authorization by saying “Ya sure, you betcha.” They may as well just crank up the printing press.

    I think it is more a matter of a clock being right two times a day, but I think there is truth to the Democrat’s statement.

  8. No doubt the previous 2 years of Covid made overextending credit card usage unavoidable for a lot of people. When tyrants prevent a man from doing an honest days work for what their family needs, something’s got to give.
    All going as planned.

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