President Trump has just announced a major ambitious new campaign pledge

that could dramatically affect the lives of nearly half the American population.

President Trump wants to slash credit card interest rates, which today are nearly 25% on average,

and cap them at 10%. And while working Americans catch up,

we're going to put a temporary cap on credit card interest rates.

We're going to cap it at around 10%. We can't let them make 25 and 30%.

This is welcome news to many Americans struggling with credit card debt.

But Trump's critics argue that the effect of a credit card rate cap

would simply be to prevent many Americans from accessing credit in the first place.

That's also true. Lenders are not going to give away money to people who are unlikely to pay it back.

So the downside is that many Americans would not be able

to access credit. The upside is that they also wouldn't be permanent debt

slaves to unscrupulous companies. The proposal is not all that radical actually. In fact, it's a

return to the persistent Western tradition going back millennia. Usury was

condemned. In the Old Testament, in the New Testament, by at least four

ecumenical councils, by many popes and doctors of the church, later by leading

Protestants as well as Catholics, and even in the Quran and the Hadith

for that matter. In recent centuries we've relaxed those prohibitions which led to

an explosion of industry no doubt but also to the creation of a new surf class that can never

escape the crushing burden of debt payments. This is the fundamental

distinction between Trump's credit card proposal and Kamala's call for price controls on groceries.

They're both price controls, but Comala's proposal would serve no benefit to the

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