Didn't W partner up with Biden on bankruptcy reform?
It was Biden's doing.
Biden must now suffer existential angst!
What's going on now is the Democrats decided to "save jobs" by allowing the credit card service bureaus to cost shift.
The way this works is that due to a downturn in business the revenues derived from fees on merchants are dramatically reduced. That loss is being made up with higher rates on customers.
As the economy comes back presumably the costs will shift back to the merchants, and the credit card operators can become more competitive.
In the meantime the rates are too high for people to use their cards, so retail sales remain low.
The solution is simple ~ let the weaker credit card service bureaus go bankrupt!
That way a handful of losers can't keep tieing up retail sales growth simply to protect a couple of hundred thousand envelope stuffers and software installers.