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The White House is now spinning out the yarn that anyone who got a PPP loan, read (R) politicians/conservatives, should not be bitching about student loan forgiveness. They are NOT the same thing. As someone who just paid off my own student loan, I’m personally insulted by this cynical ploy by Joe Biden, et all…
Forbes lays it out in their topline of Thursdays printing:
“The White House caused a stir on Twitter Thursday afternoon by calling out several Republican lawmakers who criticized President Joe Biden’s move to forgive up to $20,000 in student loan debt for many borrowers, pointing out that some of the critics’ businesses had more than $1 million in federal loans forgiven as part of the pandemic-era Paycheck Protection Program.”
Here’s the thing though, they are not one and the same, at all! Twitter user, TheRightWingM makes the case better than I can.
https://twitter.com/TheRightWingM/status/1562923785988329472
Additionally, it’s not like there aren’t Democrat congress members who have had their PPP debt forgiven as well. As Market Realist points out:
“Republicans aren’t alone in the fact they received PPP loans and had them forgiven. Democrat members of Congress also utilized the tool for themselves or their families. Nancy Bass Wyden, wife of Sen. Ron Wyden (D-Oregon), received a $2.7 million PPP loan.
House Speaker Nancy Pelosi (D-California) partially owns a California hotel that received PPP loan money. The former law firm of Rep. Matt Cartwright (D-Pennsylvania), where Cartwright’s wife worked throughout the pandemic, received a PPP loan. The husband of Rep. Susie Lee (D-Nevada) helms a regional casino that received one.”
“If borrowers use at least 60% of the loan to cover payroll within 8 or 24 weeks after receiving the loan, they can submit an application to have the loan forgiven. Our data shows that 97% of PPP loans were used for payrolls.”
“Mr. Biden is using questionable Covid health emergency authority — a very shaky assumption — to hand out this election year relief. More or less 70 percent of predominantly middle-class taxpayers are going to be bailing out something like 30 percent of those most well off. Oh, and that’s right, it does sound like an election year handout, doesn’t it?”
For those who missed it, an August 23rd memo written by Dept. of Ed. General Counsel Lisa Brown stated that Education Secretary Miguel Cardona has the legal authority to force taxpayers to pay for the student loan debts of others thanks to the 2003 HEROES Act, which is a reversal of a January 2021 DOE memo which stated that they didn’t have such authority.
“The HEROES Act, first enacted in the wake of the September 11 attacks, provides the Secretary broad authority to grant relief from student loan requirements during specific periods (a war, other military operation, or national emergency, such as the present COVID-19 pandemic) and for specific purposes (including to address the financial harms of such a war, other military operation, or emergency),” the memo read.
Watch as Karine Jean-Pierre stumbles her way through her non-answer to Fox News White House correspondent Jacqui Heinrich:
The Biden administration is simultaneously saying the student debt policy is paid for and that they don’t know how much it will cost. This is completely impossible. Credit to the White House reporters asking these questions. Watch: pic.twitter.com/MqCuDmz78v
— Clay Travis (@ClayTravis) August 25, 2022
Look, the simple truth is that our own damn government shut down businesses with zero thought as to what the ramifications might be. We are still living through them! But the businesses that were forced to shut down had the option to limp along, if they could. A bailout was given to save us from an even worse outcome. Dropping out of college, or choosing a non-viable degree program is just poor planning or poor luck.
Photo: Original Artwork by VG Darleen Click
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Cameron says: I had 25K in loans when I graduated college and paid it off early. Not once did it ever occur to me that other people owed me anything. And these ungrateful bastards probably won’t even send me a thank you card.
American Human says: Hey you single kids going to college on borrowed money, get a load of this:
I went to a major university, graduated in 4 years and three months, had a wife, four children, a full time job, and was in the Air National Guard. Oh yeah, I have a degree in Electrical Engineering and have been employed as one for the last 38 years.
I don’t recall anyone trying to buy my vote.
Cameron says: And I did notice that the bots are out in force on Twitter and spamming the PPP talking point.
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