Radio Recap: Socialism in America? | American Center for Law and Justice
  Search  |  Login  |  Register

ACLJ Profile Completion

Verified

According to Sen. Bernie Sanders, we need to punish banks and lenders because “zillions of people” don’t realize they must have good credit to avoid being be charged high interest rates on their credit cards.

On today’s show, we discussed self-described “Democratic Socialist” Bernie Sanders’ proposed Loan Shark Prevention Act, which calls on Congress to enact a 15% cap on all credit card interest rates. It’s the latest plank in the platform for democratic socialism.

This program, which is supported by fellow socialist Representative Alexandria Ocasio-Cortez, would place a cap on the interest rates that credit card companies are allowed to charge consumers.

In a joint-meeting with Rep. Ocasio-Cortez, streamed live on Facebook, Sen. Sanders announced:

“Today we’re telling Wall Street and the payday lenders that enough is enough. Your grotesque and disgusting behavior is not acceptable in America, and we’re going to change it.”

Sanders and Rep. Ocasio-Cortez want us all to think they’re standing up for the little guy and taking on “these guys in three-piece suits, who are the new loan sharks and hoodlums” that in the old days would “break your kneecap.”  

Sure, it sounds like a good thing at first glance.

But we agreed that if you look a little deeper, it is a dangerous idea. What they’re suggesting is just more socialist control. The reason we have access to so much credit in this country is because creditors are able to price their products appropriately for the risk they are assuming.

The default risk that credit card companies take on is very high. Unfortunately, the amount of people who open credit cards, charge them up, and never pay them back is staggering. In fact, consumer debt in America is at an all-time high. Creditors have to charge interest to offset the loss they take when others default. The only alternative is a reduction in the number of Americans who will have access to credit at all.

The Sanders plan would likely cause access to credit to dry up for millions of Americans.

Another component of Sen. Sander’s plan is to run banking services through the postal service. In other words, he wants the government to deliver the mail and run our banking system through a single federal entity. It’s a recipe for disaster.

Democratic socialism doesn’t really look out for the working man and woman. Rather, these ideas just seek to control the banks and creditors in this nation—which ultimately centralizes control over your money, as well. By digging past the headlines, voters can understand the true impact of these dangerous policies.

You can listen to the entire episode here.

Stop the Radical Left’s Socialist Agenda

Radical Left  Signatures

LOGIN

Receive the latest news, updates, and contribution opportunities from ACLJ.

$20
$40
$60
$120
$240
Make this a monthly tax-deductible gift.

As we take on the radical Left’s socialist agenda and fight to defend the Constitution in courts nationwide, we urgently need your support. Donate today.

Email Address is required.
First Name is required.
Last Name is required.
Credit Card Number is required.
Verification Code is required.
Expiration Month is required.
Expiration Year is required.
Receive the latest news, updates, and contribution opportunities from ACLJ.
Encourage your friends to sign and donate by sharing this petition.
Latest in
Radical Left

Joe Biden and the Battle for the Soul of America

By Wesley Smith1556307517704

Former Vice President Joe Biden joined the pool of the other nineteen Democrat candidates who want to be President of the United States. In his video announcement , he accused President Trump of saying things that “shocked the conscience of the nation.” He went on to state that we are in a “battle...

read more

The Insidious Influence of Islamists, the Truth About CAIR

By Wesley Smith1554909798980

Rep. Ilhan Omar, the Minnesota Democrat besieged by allegations of anti-Semitism, told Muslims in a speech March 23rd to “raise hell” and “make people uncomfortable” in defense of their rights. As hundreds of pro-Israel protesters rallied outside, Ms. Omar said Muslims should confront...

read more

JSL: Progressive Agenda Fails Spectacularly

By Jay Sekulow1553713121972

Yesterday the Left’s extreme socialist plan was put to a test and failed, when the so-called Green New Deal withered and died on the vine. On today’s broadcast, we discussed yesterday’s vote in the Senate, forced by Senate Majority Leader Mitch McConnell, R-Ky., on the freshman Congresswoman...

read more

JSL: Leftists Devise Court Packing Scheme . . . If They Win

By Jay Sekulow1552425284870

The Left wants to remake the Supreme Court in its own image in order to implement its own extreme agenda. Fortunately, elections have consequences, and they don’t have the White House. On today’s show, we discussed how leading Democrats have been floating the idea of expanding the Supreme Court by...

read more