Punishing Students To Appease The Mega-Rich! Makes Perfect Sense…
The Dem legislation would freeze Stafford loan interest rates for some 7 million students at 3.4 percent — averting a rise to 6.8 percent in July if no action is taken — by closing a tax loophole on high-income owners of some private corporations. The revenues would be raised via Medicare and Social Security payroll taxes, potentially blocking a stream of future funding keeping existing funding intact.
Senate Republicans, like their House colleagues, want to fund the $6 billion cost by repealing the health care reform law’s Prevention and Public Health Fund, a method Democrats reject because the fund was already cut from $15 billion to $10 billion in the payroll tax cut bill.
If I were still in college, I would personally walk up to every member of the Young Republicans club and thank them for screwing every student using Stafford Loans to get through school. Then I would make them explain why it’s better for the rich to get richer while their loans’ interest rates double. Maybe if Young Republicans are forced to face the real world consequences of their parties’ greed and obstructionism, they’ll think twice about selling their soul to Grover Norquist down the road.
Or maybe they’ll just sell for a better price.