Succor the Banks; Gouge the Kids

Robert Borosage

The U.S. Congress votes readily to subsidize the big banks to our peril. The Congress lavishes subsidies to Big Oil to our shame. Congress allows Big Pharma to help health care costs bankrupt us.

But Republican senators Lamar Alexander, Tom Coburn and Richard Burr say it is “playing politics” to subsidize student loans that help young people get the education they need.  We should be taxing big banks, Big Oil and Big Pharma, not subsidizing them.  But everyone agrees that young people need all the education that they earn.  Our nation’s future depends on giving the next generation the best education possible.  So why not subsidize student loans rather than banks?

No, that’s “playing politics.”  And just to be fair, they end the lower rate offered to poor students under the Stafford loan program.  Shades of Anatole France:

“In its majestic equality, the law forbids rich and poor alike to sleep under bridges, beg in the streets, and steal loaves of bread.”

Senators, you are without shame.

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