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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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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