Dems Once Again Paving the Road to You Know Where with Good Intentions

Earlier this year our benevolent leaders in Congress, lead by the majority party, heralded what was called "Credit Card Reform." We have to protect consumers they said, and the way to do that was, of course, more regulation. What could go wrong?

Not surprisingly, Congressional good intentions notwithstanding, the legislation has had the opposite effect. As the Wall Street Journal and several other MSM outlets are now reporting, the new regulation has in fact actually hurt consumers.

Why? Because the new law artificially limits how much credit card companies can charge in late fees.

Now at first blush, this may appear to be a good thing. Credit card companies, along with big oil, the insurance industry, indeed all of Corporate America is evil right? Why these guys only care about profits and sticking it to the little guy!

Except the limits on late fees are hitting Credit Card companies hard. How hard? Billions hard. And they're passing those costs not onto people who DON'T pay their bills to those who DO pay their bills!

Want proof? Consumer interest rates are up to 14.7% from 13.1% only last year. Credit limits are down too. And because the banks are much more limited on adjusting rates after an account is opened, they are forced to charge higher rates- up front.

Thus once again we sadly see, as so often is the case, that despite the best intentions of our friends on the left, they end up hurting the very group of people they intended to help.

Honestly I truly do believe Congress had good intentions. I mean, Congress wouldn't really set out to deliberately punish consumers who are responsible just to help out those who don't pay their bills? Liberals wouldn't seek to hurt those who are successful would they?

You bet they would. It's called a progressive tax system.