The words: the "market." The you: The Brookings Institution:
Low-income residents of 13 cities across the nation pay extra for many everyday services, sometimes thousands of dollars more over a whole year, a study to be released today shows.
By taking out higher-interest mortgages, shopping at rent-to-own furniture stores, using check-cashing businesses instead of banks and buying groceries at convenience stores, the nation’s working poor households pay much more than moderate- and high-income households for life’s essentials, says the Brookings Institution study, which analyzed services in San Francisco, Oakland and 11 other cities.
The report — “From Poverty, Opportunity: Putting the Market to Work for Lower-Income Families” — calls on government officials to create laws to curb services that gouge low-income consumers, and it proposes reproducing fledgling programs the authors found across the country.
No word on whether how the Brookings Institution wants businesses to recoup their losses on the higher default rates of those in poverty. Perhaps the government should just create laws to curb poverty, risk, and rain on days you wanted to go for a bike ride since it’s that easy.
