Why do Republicans ignore the deficit when they give tax cuts to wealthy donors, but use it as an excuse to deny relief from crushing student loans? Follow the money to see how the system is rigged and why it's time to #CancelStudentDebt
The 2017 Republican tax cuts which benefited the wealthy are projected to add $1.9 trillion to the deficit. Cancelling student debt that would help millions of Americans will only cost $1.6 trillion.
Click on this map to see the huge wealth gap. Students in debt (left) vs billionaires in the state (right). Guess who makes bigger political donations?
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Republican increase deficit with tax cuts
"The Republican tax law cut corporate tax rate, from 35% to 21%. Contrary to Republican claims, the law is not paying for itself and is likely to burden the nation with an additional $1.9 trillion in debt ... "Those benefits mainly went to the rich, as the wealthiest 10 percent of Americans own 84 percent of all stocks." - Open Secrets
Billionaires shower Republicans with donations
"Americans for Prosperity Action, the Koch network’s super PAC arm, reported making nearly $230,000 in independent expenditures last week to boost Republican senators who face reelection battles in 2020. The ads heap praise on Senators Thom Tillis (R-N.C.), John Cornyn (R-Texas), Cory Gardner (R-Colo.) and David Perdue (R-Ga.). Tillis, whose favorability numbers are poor, received the biggest boost in the form of a $140,500 ad buy.
“His vote let families keep more of their hard-earned money, providing relief for taxpayers,” the ad says, touting Tillis’ vote for the 2017 Tax Cuts and Jobs Act." - Open Secrets
Crushing student loan debts hold back millions of Americans
"President Biden extended the moratorium on federal student loan payments and interest accrual through May 1, 2022." - The Hill
"Given that the Build Back Better Act is still not law—delaying cost-saving measures that were slated to begin in 2022—we need to take immediate action to put money in people's pockets and invest in our nation’s continued economic recovery and quest for racial justice. According to the Roosevelt Institute, erasing $50,000 in student loans per person would immediately increase Black wealth by 40%. We cannot afford more delays—now is the time for the president to act." - Common Dreams
TakeAway: Cancel student debt and vote to fix the rigged system by which billionaires fund corporate politicians to get themselves tax cuts.
Deepak
DemLabs
Image: Matt Groening @ The Simpsons