Republicans less likely than Democrats to have too much debt?

If you’ve been following the political struggle for increased regulation of credit card companies, you’ll quickly realize that, in general, Democrats support more regulation and Republicans oppose it.  In fact, this bipartisan showdown could ultimately make any legislation for regulation futile. 

A friend of mine commented the other day that Democrats want more regulation because they are the ones who are more likely to have too much debt.  In other words, Republicans are better stewards of money, and therefore despise any increased regulation of the credit card industry. 

I’d love to hear your thoughts on this conjecture. There may be some truth to it since politically Democrats are the big spenders and Republicans are fiscally conservative.  

Comments

[Kevin D. Johnson]

Well put, George.

[George]

I agree with that statement for traditional silver spoon Republicans. BUT.... If you start life off with the advantage of your family having property, inheriting money , not having to struggle in your early years and pay your own way through life you shouldn't have much debt either.
Typically Democrats start out in life at a disadvantage unless they are fortunate, lucky or smart enough to break a cycle of poverty through hard work. That also applies for " Sarah Palin" Republicans ( and Obama Democrats)who typically start at a disadvantage and have to make their own way in life

[Chuck Cardiff]

Very true in my experience. Democrats tend to borrow more and save less. When they lose their jobs they become instant paupers. Then of course they blame their predicament on banks, insurance companies, or just "corporations".

I am a Republican with an income in the top 1%. I drive 10-year-old cars and live in a house that anyone in the upper 25% could afford. In contrast, the Democrats I know are all leveraged to the hilt.

[Aaron]

repubs have traditionally marketed themselves as "fiscally conservative", but recently, they haven't exhibited such behavior. the statement is valid if you as long it doesn't refer specifically to the lawmakers, but the constituents they are representing (or campaigning to). dems cater to constituents in the lower socio-economic classes (those buried in credit card debt). repubs target the other end of the spectrum.

[Joanna]

Apart from unfairly affecting a person's credit score and access to credit, how can it possibly be legal for any company, any business, any PERSON OR THING AT ALL to punish you based on who you vote for? Aren't they exerting undue influence on the economy by punishing people based on where they shop? "X business isn't playing by our rules, so let's put them out of business by slashing the credit limits of everyone who shops there?"

Whether it's true or not that "politically Democrats are the big spenders and Republicans are fiscally conservative," (and I can provide you the information to demonstrate that it is not) using political party affiliation as a means of determining credit worthiness strikes me as unconstitutional, contrary to the 24th Amendment. Although not specifically a tax levied by the government, financial penalties exacted based on political participation violate the spirit of the law.

[Commie Stooge]

Ever since I went to work after college in 1980; I worked under one male Republican supervisor after another.
All of them told me that saving money and being financially responsible was being "old fashioned"; that the Depression was long ago; and that I should borrow and spend everything I made to finance a "super" lifestyle.
I merely smiled and went on saving; and being prudent.
There is always a rainy day coming.

[Sharon Barlow]

My assumption is that Republicans aren't necessarilly better stewards of money but they are in a higher socio-economic class than Democrats and therefore have more of it. That's a generality, of course, and I guess there are some poor Republicans and some rich Democrats. Correctly or incorrectly I see the Democratic party as being willing to spread the wealth over a greater number of people. I see the Republicans as grabbing every penny (million dollars?) and hanging on to it for their rich cronies. Would that be generous vs greedy, or less responsible vs good stewards?

[DW]

Hahahahahahahaha!

Seriously.

[Kevin D. Johnson]

Good point, Matt. I am just playing devil's advocate--and I use that phrase in the most idiomatic way. I would never refer to a political party as devilish.

[Matt]

You aren't really serious about the whole Democrats are the big spenders and Republicans are fiscally conservative, right? Or do you mean in terms of private as opposed to political spending? Cause the spending records of Republican presidents and legislatures simply dont support the idea of the republican party as actually fiscally conservative.