Posted on 06/30/2023 4:40:23 PM PDT by Oldeconomybuyer
After the Supreme Court reversed President Biden's student-loan forgiveness plan, critics of the decision are pointing to other recent examples of the government forgiving debt —many with far larger amounts of money than at stake than in the student loan plan.
In particular, the Paycheck Protection Program has so far forgiven $757 billion in loans to private businesses, according to government databases — nearly double what the Biden administration's student-loan forgiveness would have cost.
Mr. Biden made that comparison in a press conference on Friday afternoon, pointing out that many members of Congress received PPP loans that were forgiven.
"I was trying to provide students with $10,000 to $20,000 in relief," Biden said. "The average amount forgiven in the PPP program was $70,000."
He added, "The hypocrisy is stunning."
(Excerpt) Read more at cbsnews.com ...
No enumerated power for Congress to spend money either way.
Student wasn’t in response to having your business smashed to pieces by fed.gov - cuz a flu.
PPP was never a good idea. But neither was shutting down the country.
“PPP was passed by Congress then signed into law by the Executive.”
Exactly. This fact was conveniently left out of the article.
Also, PPP alleviated hardship imposed by government on businesses. Whereas student loans are debts incurred by people voluntarily.
We didn’t get to choose the shutdown
Additionally, the money in the PPP loans was made to businesses so those same businesses could pay their employees. That was the stipulation of the loans’ being forgiven. It was a gift to the workers, not the borrowers.
There is no comparison.
You are right of course. One was passed by the lawful legislative process and the other was a totalitarian scheme to appeal to younger voters.
PPP and student loans are also radically different things: one wants to preserve jobs during the Covid economic shut down and the other is a freely taken on obligation for the benefit of an education, career opportunities and higher income potential. These are not apples to apples. The same applies to the Leftist whining about legacies vs affirmative action college admissions. Not equivalent but I am good without either of these.
Yes, only a moron would not understand the difference, but we’ve got that moron.
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