Summary
Representative Glenn Grothman plans to introduce the “Protecting Taxpayers from Student Loan Bailouts Act,” aimed at blocking future large-scale student loan forgiveness by limiting regulations costing taxpayers over $100 million annually.
This follows a Supreme Court ruling in 2024 that struck down President Biden’s $430 billion loan forgiveness plan.
Republicans criticize forgiveness as inflationary and unfair, while Biden’s administration has canceled $180 billion in debt over four years.
With GOP control of Congress, future forgiveness efforts face significant challenges.
I vote we take the politicians who vote in favor of this bill and shove a molten fire poker up their rectums. They’re metaphorically doing that to tons of people, so I’d say it’s only fair to physically do it to them, regardless of political party affiliation.
Too small to not fail
Crazy how we’ve never had a “Protecting Taxpayers from Auto Industry Bailouts Act”, or banking industry, or PPP loans, or oil subsidies, or industrial farming subsidies, or military contracts, or pharma R&D grants, or…
Also: Why would taxpayers need to “pay for it” anyway?
We print money for literally everything else in this list, but when it comes to student loan forgiveness putting more money in the hands of ordinary people, now we gotta figure out a tax plan to get that money back out?
I’ve got an idea: How about we tax the folks that tend to end up with that extra money anyway? The ultra wealthy!
Remember all these rich assholes having their PPP loans forgiven? Oh yeah, I guess nobody does.
Then call it something else, conservatives love doing that. We’re not forgiving, we’re just unconditionally discharging the loans.
Maybe they’ll make the businesses pay back the 757 billion dollars that was forgiven in the paycheck protection program… Not going to hold my breath.
Y’all are missing the big lead: this stops ANY regulation that costs over $100m. Which is…a good chunk of them. Just monitoring can cost a huge chunk of cash.
What this is, is the GOP attempting to rip the heart out of specifically OSHA and the FDA.
It only affects the Department of Education.
Military? Surely that’s costing more than $100m annually?
Ssssh… If they notice they’ll carve out an exception.
I agree: student loan forgiveness should never happen. That’s because student loans should not be a thing.
As long as private universities exist, there should be a way to help pay.
A better compromise is public universities should be free. My state is going that way but unfortunately there’s an income constraint that I exceed. Oh well, it’s a start
Fine, then next time just force default with no penalties. Lemon squeezy.
Nothing for students then nothing for Corporations, they are people too. Everyone pays back what they are given.
Fine, if they want to play these games then let’s play. Student debt is over $1.6 trillion. If I stopped making payments individually, the ~$40k I borrowed is my problem. If all of us stop paying, it’s the government’s problem.
Not directly. The moment you make that loan it gets sold to a private loan handler
Yea, my loans have been passed around a few times. The tactic would still work, because there’s only a limited number of federally approved student loan debt collectors
This country only forgives loans to wealthy people. Look at all those forgiven Covid loans.
Fucking Republicans. They are literally the party of taking things away and making things worse. I cannot fathom how they have duped tens of millions into believing they are the party trying to help people.
And yes, Dems have their issues too, but R is just rabidly “fuck you I got mine, and double so if you aren’t a white cishet man” at all levels.
They are literally the party of taking things away and making things worse. I cannot fathom how they have duped tens of millions into believing they are the party trying to help people.
A large part of the Republican base consists of people who want to make things worse for their enemies. They know that these policies hurt people with college debt and that’s why they vote Republican.
I cannot fathom how they have duped tens of millions into believing they are the party trying to help people.
You can fool some of the people all of the time.
The duping is a run an effective fear monger campaign without needing to explain any policy positions other that fear the people different from you. I live in TX all the ads were “fear the immigrants” or “we need to fix the issue the democrats created*” with 0 elaboration on actual policy.
The immigrants issue. I don’t see this as a major problem. Despite what is said about them, they can not vote and often need to use an SSN to get hired anywhere legit, which then they must pay taxes into the system.
*the GOP has had unilateral control of TX government for 30ish years now. They haven’t done shit for the people.
This does not help fathom how anybody is stupid enough to fall for it. If anything, it makes it harder to fathom.
I recall an old farmers joke where a farmer is found in the outhouse pit covered in “waste”. After getting him out, they asked why he was in there.
He said he dropped his wallet in there. When asked how that happened, he said he dropped his watch in there. When asked how that happened, he said he dropped his hat in there. When asked how that happened, he said he accidentally dropped a quarter in there, and I’ll be damned if I was going to go down there for just a quarter.
I think the rubes have been voting this way their whole lives and would feel ridiculous if they didn’t keep doing it.
Also GOP voter, I have found, most believe politics to be like sports. My team has to win, or I’ll feel bad. Whereas politics is more of a bus ride. Does the bus get you to the exact location you want? No, but does it get you close enough? Yes,
As if student loan borrowers are also not tax payers.
They are likely to be the hughest taxpayers.
Lets see how many Democrats vote Yea, shall we?
Republicans criticize forgiveness as inflationary and unfair
Just like the predatory student loans they are forgiving?
