Last week, Bernie Sanders and Alexandria Ocasio-Cortez released a new piece of legislation that would cap credit card interest rates at 15% called the Loan Shark Prevention Act. The two argue that this kind of intervention in the markets is necessary in order to protect consumers from the “greed” of the credit card and banking industries. Sanders and Ocasio-Cortez both believe that banks and credit card companies are taking advantage of the poor by charging “extortion level interest rates.
Balanced budget legislation along with uneasiness about the national debt has a long history in the United States and across the globe. In the U.S., opposition to debt spending and government borrowing began just years after the creation of our government.
Legalizing drugs would cut into the power and profits of the Mexican drug cartels. Their businesses would fail due to the greater competition they’d experience producing drugs. Drug smuggling would no longer be profitable, and the cartels’ side projects, like human smuggling, would take a hit.
Welfare continues to be a subject of much deliberation in politics. Understanding the effect that the level of welfare benefits has on the unemployment rate would be necessary to know how to design policy in the best manner possible.