City leaders voted unanimously yesterday to confuse cause and effect. They did so by voting to place a 90 day moratorium on cash advance businesses. According to todays JT article, "city officials believe the location of payday loan stores in and around economically disadvantaged neighborhoods causes severe financial problems for the residents of those communities and, due to the frequency of cash transactions and the amount of money exchanged, are attractive to criminals who may commit robberies."
Payday loan establishments do not make people poor. They loan money to poor people when nobody else will. Distressed areas attract payday loan businesses. Payday loan businesses do not cause the distress.
And are criminals attracted to cash? You bet they are. Now if our alderman were to be consistent, they would propose a moratorium on the posession of money. Since cash attracts criminals, the elimination of cash would force our criminals to leave for better opportunities.
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