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.
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.
Military? Surely that’s costing more than $100m annually?
Ssssh… If they notice they’ll carve out an exception.
It only affects the Department of Education.
This country only forgives loans to wealthy people. Look at all those forgiven Covid loans.
This. It makes me absurdly angry. It’s so unfair that people can pull that shit. Students who actually could use this kind of help, are shown we mean nothing. Absolutely nothing.
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.
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
Remember all these rich assholes having their PPP loans forgiven? Oh yeah, I guess nobody does.
As if student loan borrowers are also not tax payers.
They are likely to be the hughest taxpayers.
Republicans criticize forgiveness as inflationary and unfair
Just like the predatory student loans they are forgiving?
I gotta say I’m feeling a little bit better about the election results. They’ve made it clear they don’t intend to do a single thing they talked about, and that it is, was, and always will be 100% about money. So I don’t think we really need to worry about WWIII, Gilead, mass deportations and arrests etc, because that would disrupt business and make the billionaires slightly - ever so slightly - less billionairish.
I believe they are going to raise prices and taxes exactly as they promised.
Aight Joe, now’s the time to just forgive it all.
Fine, then next time just force default with no penalties. Lemon squeezy.
Just like Jesus would have wanted
Nothing for students then nothing for Corporations, they are people too. Everyone pays back what they are given.
Lets see how many Democrats vote Yea, shall we?
