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.
Remember all these rich assholes having their PPP loans forgiven? Oh yeah, I guess nobody does.
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
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.
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?
Another bill can be passed later overriding it. No legislation can permanently block the actions of subsequent legislators.
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.
Just like Jesus would have wanted
Aight Joe, now’s the time to just forgive it all.
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?
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.
