Nanny State

Under the new credit card law that goes into effect next year, people under 21 will need their parents to be responsible for the credit card unless they can demonstrate sufficient income to qualify for the credit card on their own.

The theory is that kids will pile up debts because of the existence of the credit cards, so by putting parents on the hook for credit card spending, fewer young adults will have credit cards or will have their bill picked up by their parents.

The law makes it harder for young adults to build a credit history. And since a credit history is important to engaging in other credit-oriented transactions, such as renting an apartment, young adults will have a harder time becoming financially independent.

As such, in the name of "helping" kids, the law will hurt those who use credit responsibly, while those who abuse credit will probably find other ways to run into financial problems.

I wonder if all the young adults who voted for Obama counted on his treating them as children?