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By Stephen Moore, CNSNews, December 7, 2021
Stephen Moore is a senior fellow at FreedomWorks. He is also a co-founder of the Committee to Unleash Prosperity and a Washington Examiner columnist.
How would you feel about Congress snatching away your credit card or preventing you from participating in credit card reward programs?
Don’t laugh. Left-wing groups in Washington are declaring that the plastic card in your wallet is the financial villain that needs to get reined in.
A new study from researchers at the Federal Reserve Bank of Boston finds that credit card reward programs are unfair because they create “an implicit money transfer” to wealthy cardholders from lower-income people who buy things with cash or debit cards.
The study implies that consumers who pay with plastic and rack up reward points receive a $756 “subsidy” per year, while the poorer people who pay with cash pay $23 more. Egads. That’s the price of a movie ticket. …