Since the economic collapse a few years ago, Big Labor has maintained an incessant attack on Wall Street and the overall financial system. The major unions and anti-poverty organizations have participated in any campaign that would dramatically overhaul Wall Street and the financial sector. Critics warn their plans would have major unintended consequences in the end.
One of the initiatives Big Labor is supporting is the “Take on Wall Street” campaign. The endeavor is to raise taxes, increase the size of government and eliminate choice by consumers.
An aspect that is gaining a lot of the attention is forcing the impecunious, the vulnerable and the most disadvantaged to bank with the United States Post Office (USPS). Over the last several months, Big Labor has been attempting to get low-income Americans to warm up to the concept of conducting their daily banking transactions with the Post Office.
Postal banking has even made its way north of the border in Canada.
Right now, a large number of impoverished consumers use check-cashing services and utilize businesses that offer same day loans in their communities. A part of the reason is because they don’t have access to traditional banking options. The result of this is also the paucity of credit access.
“They want to have the government shut down private business and instead direct the poor to the local post office for banking needs. They even want them to be able to receive car loans at the post office,” the conservative think-tank, Americans for Tax Reform (ATR), writes in a statement. “One Obamacare is quite enough–we don’t need Obamacare for banks, too. If there’s one thing most Americans know, it’s that the USPS is the last place you’d want to keep your money. Yet that’s exactly what Big Labor wants low income Americans.”
Simply put: instead of turning to payday loans and financial institutions for their banking and financial needs, they want the insolvent USPS to take care of this area of the economy.
Moreover, Big Labor is pushing ahead in supporting a few other concepts:
- Raising the capital gains tax, and eventually taxing all capital gains as income.
- Instituting a brand new financial transaction tax.
- Passing a tax hike on “wage control” on CEOs.
Because of these concepts, which are described as “radical,” “out of touch” and “completely divorced from reality,” 20 conservative organizations as well as ATR are collaborating in opposing this “Take on Wall Street” initiative.
The Center for Freedom and Prosperity, Citizens Against Government Waste, Center for Worker Freedom and other groups penned a coalition letter, outlining their position against the campaign.
“This campaign is a thinly-veiled attempt to push a radical liberal agenda on the electorate under the flimsy guise of fighting monied interests on Wall Street,” they wrote. “Nothing could be further from the truth – this plan is really about restricting the ability of Americans to access important investment and retirement advice to the benefit of big labor interests.”
Wall Street, payday loans and the banks are usually condemned by Big Labor and are regularly the target of the mainstream media and politicians. So it was only a matter of time before an uprising campaign was established to end these practices and businesses.