WATCH: Debbie Wasserman Schultz Blasted Over Payday Lending Support In Poignant New Ad
Wasserman Schultz’ Support For Payday Loans Pounced On In New Nonprofit Ad
Democratic National Committee chairwoman Debbie Wasserman Schultz has been getting slammed by progressives on a regular basis lately and today is no different. The nonprofit group Allied Progress takes aim at her support for payday loans in a new ad released this morning and is purchasing $100k worth of airtime in her district to spread the word.
The ad shows Wasserman Schultz claiming “payday lending is unfortunately… necessary”. The facts, of course, prove this to be an utter lie.
Such loans drain $4.1 billion in annual fees from consumers in 36 states where the loans are legal, according to report this month by the non-profit Center For Responsible Lending. It found that borrowers pay $458 in fees on a typical $350, two-week loan. Interest rates in Florida for payday loans average 304 percent.
“Necessary” might be a more viable argument if all 50 states actually had to have payday loans. The numbers are certainly staggering but the point here is payday lending institutions are clearly not what Debbie Wasserman Schultz claims them to be.
This also ignores the idea of turning the Post Office into a bank and lending institution, a proposal gaining a little more traction in public debate. With key supporters like Bernie Sanders, using the Post Office for banking might become a reality as the truth about usurious payday loans begins to be examined more and more.
The ad points out payday loans are “predatory” and the evidence bears that out. But Wasserman Schultz has collected over $68,000 in contributions from the payday loan industry so it’s no wonder she is going to bat for it. As noted in the second link:
Wasserman Schultz is one of 24 co-sponsors of H.R. 4018, a bipartisan bill that would allow states, including Florida, to continue to regulate payday lenders instead of the federal government and delay federal rules for two years. Half the bill’s co-sponsors are from Florida.
It’s no surprise she is taking the states’ rights angle here as many other states are clearly not interested in approving the predatory industry.
Debbie Wasserman Schultz is scrambling to fight off a strong primary challenger in Professor Tim Canova and might be on her way to losing the Democratic National Committee chair. Her public battle with Bernie Sanders is doing her no favors and Canova is gaining more powerful endorsements to strengthen his campaign.
With the pressuring mounting, Wasserman Schultz’ paths to reelection and retaining her post as the Democratic National Committee chair gets a little tougher everyday. And with the way things have been going lately, don’t be surprised if she is taking a new job as a lobbyist in January.
Who knows? Maybe she’ll even begin a new career as a payday lending lobbyist. How fitting that would be…
Watch: “Debt Trap Debbie”
Featured image by Andrew Burton/Getty Images
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