Payday loans v. the Lottery

Good old UNM can always be relied upon to employ the most radical professors. Now, behold one Nathalie Martin who is apparently on a jihad to end “payday” loans.

Now, I would not choose to take out a high interest rate loan, but these loans are made to low income people who are struggling to pay their bills. In other words, loans to them are a risky proposition. And lets not forget that no one is forcing anyone to take out these loans. They are choosing them as their best option given the circumstances and this well-paid government bureaucrat is saying to poor people: this financial option you are choosing for yourself should be taken away because I know better than you do.

Talk about the very definition of modern “liberal” thought!

On the flip side, there is no doubt that lotteries are, from a mathematical perspective, at least as bad as payday loans. And the customer base of lotteries tends to be the same low-income demographic that takes out payday loans. But the State not only sponsors lotteries, but under a new bill that just passed the Senate, debit cards will now be accepted for lottery tickets.

I’m not sure under which circumstances wealthy liberals who know what is best for the poor should be able to write their preferences into law, but some consistency would be appreciated.