It’s ironic, isn’t it, that the place that has the biggest credit card in the world (Washington), doesn’t want anyone else to have one.

One day the Senate wants to impose credit card controls, the next day Trump jumps on the populist train. And now, the Biden administration is suing Visa for price gouging and monopoly behavior.

Here’s the announcement of DOJ’s suit against Visa:

“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick B. Garland. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service.  As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”

Wait – are the Biden people now blaming Bidenflation on the credit card companies?

It is true that debit and credit cards are ubiquitous with $10 trillion of transactions each year, and it is true that Visa has half the market. But monopoly? This New York Times headline borders on the absurd:

The payment card industry is fiercely competitive. Just ask MasterCard, American Express, Discover, JCB, China UnionPay, STAR, NYCE, Pulse, and Plus. Dozens of retailers issue their own credit cards and some stores give cash discounts. Payment cards have been a bonanza for retailers as they increase consumer spending, and avoid cash register theft.

Here’s a simple question for that economic genius Merrick Garland: if payment cards are ripping off consumers, how come everyone wants them?