this post was submitted on 11 Jan 2025
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politics

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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.

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[–] [email protected] 16 points 3 days ago

The GOP really hates the working class.

[–] [email protected] 10 points 4 days ago

Another bill can be passed later overriding it. No legislation can permanently block the actions of subsequent legislators.

[–] [email protected] 17 points 4 days ago

oh both sides are the same and im sure a dem pres and senate and house would do the same /s

[–] [email protected] 29 points 4 days ago (1 children)

Are y'all enjoying your cheap eggs yet? /s

[–] [email protected] 7 points 4 days ago (1 children)

The Safeway app says that eggs "may be unavailable". Not being able to buy them is kind of like them being cheap....

[–] [email protected] 5 points 4 days ago

You're definitely spending less on them.

[–] [email protected] 16 points 4 days ago* (last edited 4 days ago) (2 children)

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.

[–] [email protected] 1 points 3 days ago

I believe they are going to raise prices and taxes exactly as they promised.

[–] [email protected] 9 points 4 days ago

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.

[–] [email protected] 19 points 4 days ago

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.

[–] [email protected] 7 points 4 days ago

Too small to not fail

[–] [email protected] 55 points 4 days ago

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!

[–] [email protected] 2 points 4 days ago

Lets see how many Democrats vote Yea, shall we?

[–] [email protected] 42 points 4 days ago

Remember all these rich assholes having their PPP loans forgiven? Oh yeah, I guess nobody does.

[–] [email protected] 6 points 4 days ago

Nothing for students then nothing for Corporations, they are people too. Everyone pays back what they are given.

[–] [email protected] 8 points 4 days ago

Fine, then next time just force default with no penalties. Lemon squeezy.

[–] [email protected] 28 points 4 days ago (1 children)

Then call it something else, conservatives love doing that. We're not forgiving, we're just unconditionally discharging the loans.

[–] [email protected] 13 points 4 days ago

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.

[–] [email protected] 11 points 4 days ago (1 children)

Aight Joe, now's the time to just forgive it all.

[–] [email protected] 5 points 4 days ago* (last edited 4 days ago) (1 children)

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.

[–] [email protected] 1 points 4 days ago

But also, we just learned that presidents can do illegal things with no consequences 😉

[–] [email protected] 29 points 4 days ago (1 children)

As if student loan borrowers are also not tax payers.

[–] [email protected] 13 points 4 days ago

They are likely to be the hughest taxpayers.

[–] [email protected] 96 points 4 days ago (3 children)

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.

[–] [email protected] 12 points 4 days ago

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?

[–] [email protected] 12 points 4 days ago

It only affects the Department of Education.

[–] [email protected] 18 points 4 days ago (1 children)

Military? Surely that's costing more than $100m annually?

[–] [email protected] 15 points 4 days ago* (last edited 4 days ago)

Ssssh... If they notice they'll carve out an exception.

[–] [email protected] 28 points 4 days ago

Republicans criticize forgiveness as inflationary and unfair

Just like the predatory student loans they are forgiving?

[–] [email protected] 50 points 4 days ago (1 children)

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.

[–] [email protected] 6 points 4 days ago (1 children)

Not directly. The moment you make that loan it gets sold to a private loan handler

[–] [email protected] 14 points 4 days ago

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

[–] [email protected] 14 points 4 days ago

Just like Jesus would have wanted

[–] [email protected] 60 points 4 days ago (3 children)

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.

[–] [email protected] 3 points 4 days ago

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.

[–] [email protected] 18 points 4 days ago* (last edited 4 days ago)

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.

[–] [email protected] 25 points 4 days ago (1 children)

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.

[–] [email protected] 7 points 4 days ago (1 children)

This does not help fathom how anybody is stupid enough to fall for it. If anything, it makes it harder to fathom.

[–] [email protected] 5 points 4 days ago

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,

[–] [email protected] 113 points 4 days ago* (last edited 4 days ago) (1 children)

I agree: student loan forgiveness should never happen. That's because student loans should not be a thing.

[–] [email protected] 35 points 4 days ago (1 children)

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

[–] [email protected] 3 points 4 days ago

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.

[–] [email protected] 82 points 4 days ago (1 children)

This country only forgives loans to wealthy people. Look at all those forgiven Covid loans.

[–] [email protected] 4 points 4 days ago

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.