6mo ago

GOP pushes bill to stop student loan forgiveness ever happening again

www.newsweek.com /republicans-stop-student-loan-forgiveness-bill-glenn-grothman-2013104

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.

43 comments

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
  
  The compromise will have the same effect, as long as the public universities are still properly funded for the influx.
  After a decade of that private universities will either close down, downsize or find a way to incorporate themselves into the state. Although Ivy League might be able to whether decades just coasting on the money they have.
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.
- Except it's not.
  Here is the full text of this fucking bill
  It's specifically for the Department of Education and the criteria is OVERLY broad:
  'economically significant' ...[means]... "adversely to affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities."
  On the other hand, the way I read this...the enforcement of student loans could also fall under this act. If people who have student loans come together as a class and sue the government that their loan is "adversely affects the economy", maybe this act could actually make loans illegal?
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.
- 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.
- 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.
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!
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.
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.
Republicans criticize forgiveness as inflationary and unfair
Just like the predatory student loans they are forgiving?
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.
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.
oh both sides are the same and im sure a dem pres and senate and house would do the same /s
The GOP really hates the working class.
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.
- Unfortunately chaos breeds usury. The more fronts the little guys are forced to fight on, the more dilluted their efforts, and the more unified the ruling class can become. The goal is always chaos, obfuscation, distraction, entropy. There are two camps: the social, and the antisocial. While we have to worry about maintaining a functional society, the antisocial are completely unfettered, and free to exploit any and all ambiguities. They are the disease, we are the immune system, and the world is the body. They are unconcerned with killing the body, while we must both fight them, and preserve the body. For this reason we are at a disadvantage. And for this reason they should never be underestimated. Eventually a cough becomes pneumonia, and at a certain age pneumonia is a death sentence.
- I believe they are going to raise prices and taxes exactly as they promised.
Just like Jesus would have wanted
Aight Joe, now's the time to just forgive it all.
- Are you for real? He tried. It went to the Supreme Court. They said he can't do it. And even despite that, he was able to forgive approx. $180B in student loans.
  This is one thing that he really tried to do.
  
  But also, we just learned that presidents can do illegal things with no consequences 😉
Fine, then next time just force default with no penalties. Lemon squeezy.
Too small to not fail
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?

43 comments