PPP was a huge bipartisan success crafted & passed at the beginning of a crisis. It is something all Americans should be proud of their government for having done. That makes the disingenuous comparion of it to Biden’s student loan plan all the more gross (1/8)
When our gov’t locked down the economy in March 2020, allegedly for a short period of time to “bend the curve,” the easiest thing for business to do was to lay off workers. Having this many people detached from the workforce over night would have been disastrous (2/8)
We came together and passed a payroll grant program to encourage business to keep their workers attached to payroll. Because it was being done through the SBA 7a loan program and because “forgiveness” is a term banks legally understand, these grants were “forgivable loans.” (3/8)
PPP was a temporary program, conceived as “forgivable” from Day 1 conditioned on keeping workers on payroll, to meet a particular set of circumstances our nation faced in a moment of crisis. That is in no way comparable to what the Biden folks are doing on student loans. (4/8)
Federal student loans were offered on very terms than PPP: They were loans to be repaid. There may be coalitional reasons the Biden people want to force 87% of Americans to pay to retroactively forgive those loans, but you can’t compare that to PPP. (5/8)
The policymakers cynically comparing the two should be ashamed. Many of them are smart enough to know what they are doing — tarnishing an historic achievement of our government to win today’s short term news cycle. (6/8)
It goes without saying that the press are the getaway car drivers for the historical heist these short-term thinking policymakers are in the midst of. Everything is covered in terms of the horse race and not the actual policy or actual historical record (7/8)
Anyway, read @MarcoRubio OpEd on all of this. (8/8) foxbusiness.com/politics/presi…
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