Acton Institute Powerblog Archives

Economics and Social Problems

Rev. Robert Sirico on socialism and the religious left in the Detroit News

The Detroit News has published an opinion piece by Fr. Robert Sirico on our increasingly contentious public discourse, socialism, and the religious left titled ‘The dangers of creeping toward socialism’: The popes have traditionally condemned socialism in the strongest possible terms as being incompatible with Christianity, because its concept of society itself is utterly foreign to Christian truth. Continue Reading...

LBJ’s Great Society lives on

Forget Ronald Reagan and John F. Kennedy, Richard Nixon and Bill Clinton as well. And do the same regarding Harry Truman and Dwight Eisenhower. The most consequential American president since the end of World War II was Lyndon Baines Johnson. Continue Reading...

Should credit-card interest be capped at 15%?

Democratic presidential primary contender Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez have unveiled a plan to cap credit-card interest rates at 15%: Under the “Loan Shark Prevention Act,” the annual percentage rate applicable to any extension of credit would not be allowed surpass 15% on “unpaid balances, inclusive of all finance charges” or “the maximum rate permitted by the laws of the State in which the consumer resides.” Consumer debt, and credit card debt in particular, is something many Americans struggle with and both the amount of total debt as well as the interest rates have escalated in recent years: The median credit-card interest rate was 21.36% as of last week, compared with 12.62% a decade ago, according to Creditcards.com. Continue Reading...