Georgia Congresswoman Marjorie Taylor Greene slammed President Joe Biden on Twitter after he falsely drew an equivalence between her small business' usage of the federal Paycheck Protection Program (PPP) during Covid and his student debt forgiveness plan that will cost taxpayers nearly $1 trillion dollars.
"Joe, you make up a lot of things so let me help you understand," MTG replied. "Be careful. By attacking me, you’re also attacking tens of millions of American business owners. The government shut us all down and we couldn’t pay our employees, who we value and love like family."
"There is no comparison between a PPP loan with set forgiveness terms that was an emergency loan to pay employee payroll so that our wonderful employees could keep their jobs and we could financially survive a tyrannical government economic shutdown, and…
"...student loans for college that don’t have debt forgiveness terms & are a free will choice among many options to pursue a career. Thankfully in America, young people can make a lot of money by choosing other careers that don’t require a college degree and don’t bury them in debt," she said, correctly noting that it is a false equivalence for Biden to claim someone who engaged in the PPP program is akin to someone accruing student debt.
On March 15, 2020 the federal government started shutting down the US economy as strict lockdown measures were implemented nationwide to address the burgeoning Covid pandemic. The impact on businesses small and large was unprecedented and on April 3, 2020 Congress passed the Paycheck Protection Program (PPP) which allowed businesses with fewer than 500 employees to receive loans to cover payroll and other expenses. The breadth and scope of the government's direct intervention into businesses' ability to operate and stay solvent was the direct cause of the PPP program.
On August 24, President Joe Biden announced that he was canceling up to $10,000 in student loan debt, and up to $20,000 for borrowers who received Pell Grants, a move that will cost taxpayers somewhere between $300 billion and $980 billion over the next 10 years.
To apply, a single entity must make less than $125,000 a year and married couples less than $250,000.
Biden's student loan forgiveness translates to roughly $2,000 per taxpayer using the lower-end estimates from the Penn Wharton Budget Model. Nearly 45 percent of people who took out federal student loans would have the entirety of their federal student loans canceled under this action and 95 percent of borrowers benefit from the move.
Biden's plan also extends the payment pause on federal loans until the end of the year and ensures college's do not face direct financial consequences.
"Lastly Joe, while you’re attacking me for legally doing the same thing millions of Americans did, trying to financially survive a government forced economic shutdown before I was even a Member of Congress, I’m now preparing to investigate your ILLEGAL business deals with China," MTG concluded.
On July 25, 2014, then Vice President Joe Biden met with two Hunter Biden connected executives from Wanxiang, a major Chinese energy company, at the White House.
This year President Biden sold 1 million barrels of oil from the US Strategic Reserves to a Chinese company Hunter Biden invested in.
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