Sen. John Fetterman may be a Democrat, but on the issue of banning cashless-only businesses, he’s 100% right – and every small business owner, working-class American and financial realist should take note.
As a financial planner and entrepreneur, I’ve seen how pushing the U.S. toward a fully cashless society doesn’t just inconvenience people – it hurts them. It widens the wealth gap, excludes millions from daily commerce and puts Main Street businesses at a competitive disadvantage.
When Fetterman says, ‘It’s simple – it’s legal tender. If you accept money, you have to accept all money,’ he’s not just making a populist statement. He’s standing up for every American who gets punished simply for trying to pay with the money they earned.
Let’s look at the numbers:
5.9 million U.S. households are unbanked (FDIC).18.7 million more are underbanked, relying on check cashers, prepaid cards and money orders.13% of Americans use cash for all or most purchases.Nearly 40% of Americans couldn’t cover a $400 emergency.
When a store refuses cash, it’s essentially telling millions of people – especially seniors, low-income earners and minorities – that their money isn’t welcome.
As the Pennsylvania senator put it, ‘We can’t let stores discriminate against people just because they don’t have a credit card or a smartphone.’
This push toward a cashless economy is driven by tech elites who assume everyone has digital access. Aren’t you sick and tired of the guilt tipping button that now asks you for 20 or 25 or 30% tip with a server watching over you to see what you are going to give them. But this isn’t Silicon Valley – it’s America. Here, you should be able to buy lunch or medicine with a few bucks in your pocket.
