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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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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