Tom Cotton Is Upset That Democrats Ended a Free Money Stream for Banks

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The latest from the campaign trail:

Republican Tom Cotton said during an Arkansas U.S. Senate debate on Tuesday that “Obamacare nationalized the student loan industry.” The first-term congressman added, “That’s right, Obamacare grabbed money to pay for its own programs and took that choice away from you.”

Huh. Does Cotton really think this is a winning issue? I mean, it has the virtue of being kinda sorta semi-true, which is a step up for Cotton, but why would his constituents care? Does Cotton think they’re deeply invested in the old system, where their tax dollars would go to big banks, who would then make tidy profits by doling out risk-free student loans that the federal government guaranteed?

That never made any sense. It would be like paying banks to distribute Social Security checks. What’s the point? The new student loan system saves a lot of money by making the loans directly, and that’s something that fiscal conservatives should appreciate. Instead, they’ve spent the past four years tearing their hair out over the prospect of Wall Street banks being shut out of the free money business. Yeesh.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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