Asked to comment on convicted felon President Trump’s extremely stupid and pretty much already-aborted “call” to cap credit card rates at 10 percent – which he pledged to do on the 2024 campaign trail without even the slightest nod to the practicality or feasibility of such a policy – an anonymous House Republican felt brave enough to tell Trump, via NOTUS, to “stop proposing this populist shit.”
“If you shut the ability down to make money off the interest rates to protect against the default, then they’re gonna say, ‘well, we can’t have as much access to credit for all these people,'” the “senior GOP member” continued. “Access to credit is a huge deal, especially for people living paycheck to paycheck. It’s going to be a disaster for the economy because you’ll see consumer spending drop.”
A member of the House Financial Services committee said they “can’t figure out what the legal authority would be or how it would be implemented. Classic example of administration shooting from the hip,” all of this as if Trump hadn’t pledged this during the 2024 campaign, no doubt appealing to many voters with credit card debt who believed stupidly that Trump could actually follow through.