Eastern Wisconsin’s representative in Congress is taking aim at protecting taxpayers from “student loan bailout schemes”.
Congressman Glenn Grothman of Glenbeulah has reintroduced his Protecting Taxpayers from Student Loan Bailouts Act, which he says will “prevent future Administrations from replicating President Biden’s student loan bailout scheme that could have cost taxpayers up to $1.4 trillion.”
The Protecting Taxpayers from Student Loan Bailouts Act requires that the Department of Education review the fiscal impact of any future plans to forgive student loan debt to ensure costs to the federal government do not increase and result in taxpayers footing the bill.
Any regulation that does not meet this standard would be prohibited from issuance, fundamentally prohibiting any future administration from ordering broad student loan forgiveness.
In his announcement, Grothman said, “The amount of student loan debt in this country is an embarrassment to our entire educational system. My bill helps shield Americans’ pocketbooks against debt forgiveness schemes like those of former President Joe Biden that sparks inflation, adds to our national debt, and tanks our economy, all without Congressional approval.”
He specifically called attention to the taxpayers who either paid their own student loans or never attended college who were forced to pay off the debts of others.
He stated, “The pattern of encouraging student debt cancellation is insulting to every American who paid their loans or never attended college.”
