Where Credit Is Due

Congress is busy changing the rules for credit cards. If you handle your credit cards responsibly, this is bad news for you. You might have to live with a reduced credit line, fewer benefits, or maybe lose the use of a credit card. If you’re a young person starting out, this is really bad news. In my much younger days, access to credit saved my butt more than once. Going forward, young people won’t have it so easy.

This is, of course, the handiwork of the Obama Democrats. I believe they are earnestly trying to solve a problem: irresponsible people get themselves in financial trouble. But “fixing” the problem by micromanaging the credit card industry will mean that even responsible people will have more difficulty staying out of financial trouble. In addition, how will this help the irresponsible become more responsible? (Hint: it won’t).

You might wonder why the Obama Democrats are repeatedly hurting the young, the poor, the undeducated, and the disenfranchised. After all, these are the very people that helped Obama and the Democrats gain control of government! A cynical answer might be that the Professional Democrats feel that their supporters are too unsophisticated to understand what is going on, so screw ’em while you can. I don’t buy it. I think the Obama Democrats are sincere and have good intentions – but they are too unsophisticated to understand the consequences of what they are doing.

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