Daily Archives: May 17th, 2012

The War on the Poor

We’re awash these days in various wars both real and figurative; wars against women, terrorism, gays, various brown people throughout the world and of course Christmas. Below, author Barbara Ehrenreich counts some of the many ways that the rich and the powerful wage their ongoing war on the poor.

“Lenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest. When supplemented with late fees themselves subject to interest, the resulting effective interest rate can be as high as 600% a year, which is perfectly legal in many states.”

via The poor: Americas piggy bank – Poverty – Salon.com