Senator John Fetterman is perhaps a democrat, but about the issue of prohibiting companies without cashless, he has 100% tied and every owner of a small companies, American and financial realist must take this into account.
As a financial planner and entrepreneur I have seen how pushing the US to a fully cashless society people not just not discomfort hurt them. It broadens the power gap, excludes millions from daily trade and brings Main Street companies into a competitive disadvantage.
When Fetterman says: “It’s simple – it’s legal means of payment. If you accept money, you have to accept all the money,” he does not just make a populist explanation. He stands up for every American who is being punished for trying to pay with the money they have earned.
Senator John Fetterman speaks to reporters in front of a senate slunch in Capitol in the US on December 12, 2023. (Kevin Dietsch/Getty images)
Cashless policy punishing the working class
Let’s look at the numbers:
- 5.9 million American households are not offset (FDIC).
- 18.7 million more are sub -laid out, depending on checks, prepaid cards and postal changes.
- 13% of Americans use cash for money all or most purchases.
- Almost 40% of Americans could not cover an emergency of $ 400.
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When a store refuses cash, it essentially tells millions of people-especially seniors, earners with a low income and minorities-that their money is not welcome.
As Pennsylvania’s senator said: “We cannot let stores discriminate against people alone because they don’t have a credit card or smartphone.”
Cashless = classless
This push to a cash economy is powered by technical elites that assume that everyone has digital access. Are you not sick and tired of the hiding place button that you now ask for 20 or 25 or 30% tip with a server that watches over you to see what you are going to give them. But this is not Silicon Valley – it’s America. Here you should be able to have lunch in your pocket with a few dollars or buy medicines.
And for many Americans, cash is not optional – it is essential.
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Why it is bad for business
If someone who works with business owners every day and has had a concrete driveway installation company, I can tell you, go cashless bad For business. This is why:
- Eating marginsEach card transaction costs companies 1.5% to 3.5%. With tight margins, that is real money- especially in food, retail and service sectors.
- Buy less impulseStudies show that people are more attentive when using cash. That is good for consumers – and helps prevent conviction on credit.
- System loss Killing SalesWhen the power goes out or the internet fails – such as during the Texas Storm 2021 – only companies that accept cash can remain open. In emergency situations, cash is king.
- LossMany older adults and workers’ families still use cash every day. They turn away is just bad things.
Privacy and monitoring problems
Every digital transaction is followed. Your location, purchases and habits will be cataloged and monetized by Big Tech and Banks.
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Cash, on the other hand, protects privacy. No monthly explanations, no tracking, no algorithms.
The more we give in cash, the more control we give away – to institutions that charge costs, follow behavior and limit access.
The federal solution: a simple ban on refusing cash
Cities such as Philadelphia, San Francisco and New York have already banned Cashless Retail. It’s time to become national.
The proposed federal law of Fetterman would:
- Require all Physical stores to accept American currency.
- Apply fines to offenders.
- Allow exceptions for only online or highly protected federal locations.
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It’s not about resisting innovation – it’s all about taking care of it inclusion. Legal tender must mean what it says: legally for all debts, public and private life.
Last thought: cash is economic freedom
As soon as we lose cash, we lose part of our freedom. We become more dependent on banks, apps and companies that benefit from our transactions and control access to our own money.
Fetterman has nailed it: “We keep pushing until every American – regardless of income – can walk into a store and buy what they need with a few dollars in their pocket.”
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He’s right. And if we care about fairness, privacy and Main Street open to everyone, we must find out.
Because cash is not just currency. It is economic freedom – and it is worth protecting.
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