Predatory lenders working to protect profits by freezing Arizona’s minimum wage?
By Laurie Roberts Nov. 18, 2019
Attention Arizona: You have before you a bold — really bold (think brazen) — opportunity.
The chance to sign a petition that “unleashes the ingenuity of the American spirit to strive to grow and prosper”.
The chance to “safeguard fundamental freedom” and remain free from “the whims of politicians and government bureaucrats beholden to special interests.”
In other words, the chance to stick it to a sizable number of your fellow citizens by ensuring that they remain in the poorhouse.
This, by signing a petition to put the Arizona Economic Freedom Act on the ballot next year.
I’m certain the backers of this, um, piece of work will tell you they are just doing God’s work.
After all, Jesus said “the poor will always be with you.” The payday/auto-title loan industry is simply trying to make sure that remains true.
Predators, after all, need prey.
What? 204% interest isn’t enough?
The Economic Freedom Act, should voters be dumb enough to pass it, would allow lenders in Arizona to charge whatever they want to loan you money. It’s aimed at eliminating the ability of government to cap auto-title loans at their present and oh-so reasonable interest rate of 204%.
Because 204% apparently isn’t enough for these bloodsuckers.