BS Plus AOC Plus USPS Equals Socialist Banking

The United States Postal Service is a chronic money loser and politicians have failed to trim its most wasteful services, such as Saturday delivery. For his part, Vermont socialist and presidential candidate Bernie Sanders wants to expand the USPS into banking.

As Sanders writes in a May 9 Medium commentary, “Today’s loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express.” For Sanders, “an important way to provide decent banking opportunities for low-income communities is to allow the U.S. Postal Service to engage in basic banking services.”

“What could possibly go wrong with that?” wonders Justin Haskins at Fox News. Haskins finds “no reason to believe the federal government is capable of effectively providing anyone with banking services, nor is there a dire need for such a costly new system.” For Haskins, this is “nothing more than a scheme to dramatically increase the size, power, and influence of the federal government,” and akin to “socialist banking.”

Sanders chose to spend his honeymoon in the Union of Soviet Socialist Republics. Fellow “democratic socialist” Alexandria Ocasio Cortez is on record as saying that “capitalism will not always exist in the world.” The pair’s USPS banking plan, the “Loan Shark Prevention Act,” does expand the power of government, and under socialism, the government controls the commanding heights of the economy. To understand what that means in practice, see conditions in Cuba.

“The Cuban government announced Friday it is launching widespread rationing of chicken, eggs, rice, beans, soap, and other basic products in the face of a grave economic crisis,” explains a recent CBS News report. So it’s all about shortages, rationing, and perpetual poverty. Cubans like to tell a story about the terrible conditions.

In the late 1980s, USSR boss Mikhail Gorbachev is visiting Fidel Castro, who offers him a chance in the bull ring. The bull proceeds to chase the Russian, who jumps back into the stands. Fidel then confronts the bull, whispers something into his ear. The bull promptly collapses and the crowd goes wild. Fidel returns to the stands, where Gorbachev asks what he said to the bull.

As the smiling Castro explains, “Socialism or death.”

 

K. Lloyd Billingsley is a Policy Fellow at the Independent Institute and a columnist at The Daily Caller.
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