I don’t have a lot of extra money to spend on things. When I take out a loan for a car or a house I have a sneaking suspicion that I don’t always get the best interest rate.
Loans and interest rates are slanted to favor those who have the most money. If you have more money, you are practically guaranteed the lowest interest rates. That means the payments will be lower.
In turn, lower income people are charged the highest interest rates. The theory is that the less money you have, the less likely you are to pay off your loans. Lower income people have been painted as thieves or less than honest people who will default on their loans. Who decided this and when did it happen? Was it in the Dark Ages, or was it some actuarial table?
Personally I don’t think honesty or character can be judged by how much money you have. You could research this by doing a simple Google search of our finest lawmakers: Congress. They are typically well off peoples and yet they have financial skeletons in their closets.
Just today in the news, Tom DeLay was found guilty of money-laundering charges in a campaign finance scheme. DeLay was the former Republican House Majority Leader. That’s not to say that it’s only Republicans, Democrats are just as guilty. I’m sure I could find stories to match if I took the time. This one just popped up.
According to an article in CBS news, the number of millionaires in Congress is currently at 261, and the base pay for members of Congress is $174,000.[1] 49% of our Congressmen are millionaires, while only 1% of the citizens that they represent claim the same status.
How can Congress possibly relate to the average American when passing laws that affect us in our everyday life – when taxing our incomes, for example, or deciding whether or not to extend the tax on Social Security above the $102,000 limit, or whether to continue the Bush tax cuts on incomes above $250,000?
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