54,000 More Jobs
That is the number of jobs that would be created in just the first year if we finally had competition among credit card networks. You can read it here.
Why would competition create so many new jobs?
- Competition, rather than the cartel-style price-fixing that dominates credit card swipe fees today, would save $17 billion per year.
- $11.73 billion of that would go toward consumer savings on the things they buy every day.
- When prices stay low, consumers buy more and that economic stimulus creates more jobs.
- And more than $5 billion of the savings would be reinvested directly by businesses into new jobs, new retail locations and restaurants.
54,000 jobs is a big number.
- That’s around an entire month’s worth of job growth for the entire U.S. this year — and more than was added in some months (Economy Statement for the Treasury Borrowing Advisory Committee | U.S. Department of the Treasury).
The big credit card companies fixing prices for banks that give people credit cards has gone on too long and is hurting the U.S. economy.
- It results in people paying too much every day.
- It increases inflation.
- And it depresses job growth.
It’s time for us to create some jobs.
COMPETITION IS BETTER FOR EVERYONE
IT'S TIME TO PASS THE CREDIT CARD COMPETITION ACT