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WINNER = Ronald Reagan!
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Obama's Dodd-Frank Bill Hurting Small Business
12/9/11
Here's a revolutionary concept for you... Legislation has side effects -- often bad! The Dodd-Frank bill was supposed to help consumers, right? They said the big bad banks and credit card companies were conspiring against consumers by gouging their prices. So we needed Dodd-Frank so that consumers could be saved!
Wrong!
According to the WSJ, consumer prices are going to go up because of the new bill.
A new law that was supposed to reduce costs for merchants that accept debit cards has instead sent Mr. Scherr's monthly processing bills much higher and forced him to reassess the way he does business.
"My choice is to raise prices, discount for cash or get an ATM," says Mr. Scherr, a lawyer who has been in the coffee-shop business for more than a decade.
Just two months after one of the most controversial parts of the Dodd-Frank financial-overhaul law was enacted, some merchants and consumers are starting to pay the price.
Either consumers will pay the price or small business will lose profits.
Redbox, a unit of Coinstar Inc. that rents movies through vending machines, says it is raising prices by 20% to $1.20 a movie starting next month due to higher costs, including debit-card fees. The company declined to specify how much of the increase was due to higher fees.
The government meddles itself into the free market, destroys the balance that existed and has doomed the consumer. Small businesses are going to suffer. Small businesses cannot absorb a cut in profits as easily as a big box store. The Mom & Pop coffee shop such as the one owned by Mr. Scherr is going to be more likely to suffer than, say, Starbucks.
What we need is not more legislation but less. We need to roll back the involvement government has in the free market. Only then can natural market forces run wild and consumers can start to get a bargain. Because as it is now, the government destroys market forces in favor of their agenda.
"That government is best which governs least." - Thomas Jefferson.
The opinions herein are not supported by any community or organization. It is just the personal opinions of a blogger. But that is what allows me to be a loose cannon for the truth. I will be updating this site daily with what goes on in the world of politics and the economy.
