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.
The GOP really hates the working class.
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!
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.
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
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.
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.
Are y’all enjoying your cheap eggs yet? /s
The Safeway app says that eggs “may be unavailable”. Not being able to buy them is kind of like them being cheap…
You’re definitely spending less on them.
Remember all these rich assholes having their PPP loans forgiven? Oh yeah, I guess nobody does.
Another bill can be passed later overriding it. No legislation can permanently block the actions of subsequent legislators.
oh both sides are the same and im sure a dem pres and senate and house would do the same /s
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.
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
Lets see how many Democrats vote Yea, shall we?
