Home Politics Sanders, Progressives Unveil Bill to Cancel Student Debt

Sanders, Progressives Unveil Bill to Cancel Student Debt

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Days before the first Democratic presidential debates, Sen. Bernie Sanders and House progressives are unveiling legislation cancelling all student debt, going further than a signature proposal by Sen. Elizabeth Warren as the two jockey for support from the party’s liberal base.

By canceling all student loans, Sanders says the proposal addresses an economic burden for 45 million Americans. The key difference is that Warren’s plan considers the income of the borrowers, canceling $50,000 in debt for those earning less than $100,000 per year and affecting an estimated 42 million people in the U.S.

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Questions face both candidates about how to pay for all of that plus their proposals for free tuition at public colleges and universities. But the battling ideas highlight the rivalry between senators who have made fighting economic inequality the cornerstones of their presidential campaigns.

“In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education,” Sanders said in remarks prepared for delivery at a news conference Monday with the proposal’s House sponsors, Reps. Ilhan Omar, D-Minnesota, and Pramila Jayapal, D-Washington.

His bill and Warren’s plan — proposed in a Medium article earlier this year — are part of their broader appeal to liberal voters with a series of progressive policy ideas on issues such as health care, technology and education. The dynamic seems certain to play out this week during the first Democratic debates. Twenty candidates are set for the showdown, with Warren part of the lineup on Tuesday and Sanders appearing a day later. The events come as there are signs that Warren is cutting into Sanders’ support from the left.

Sanders’ effort at one-upsmanship on student loans, named the College For All Act, would cancel $1.6 trillion of debt and save the average borrower about $3,000 a year, according to materials obtained by The Associated Press. The result would be a stimulus that allows millennials in particular to invest in homes and cars that they wouldn’t otherwise be able to afford. It would cost $2.2 billion and be paid for — and then some — by a series of taxes on such things as stock trades, bonds and derivatives, according to the proposal.

The universal debt relief is designed partly around the idea that it would mostly benefit Americans who can’t afford college tuition without loans, according to a senior Democratic aide who spoke on condition of anonymity because the legislation wasn’t yet public.

Warren’s plan, which she has suggested in published reports will be introduced as legislation, would be paid for by imposing a 2% fee on fortunes greater than $50 million, a wealth tax designed to target the nation’s top 0.1% of households. Warren projects the levy would raise $2.75 trillion over 10 years, enough to pay for a universal child-care plan, free tuition at public colleges and universities, and student loan debt forgiveness for an estimated 42 million Americans — with revenue left over.

Critics say top earners would find ways around such penalties. But if the free college and student debt relief advocates don’t hit their revenue goals, they could simply add to the deficit — as President Donald Trump and congressional Republicans have by passing more than $1

via newsmax

10 COMMENTS

  1. Exactly when are these people going to grow up. These Universities and the people who run them are getting richer and richer. The tuition would not be as high if the govt -taxpayers- were not on the hook. These Universities are nothing anymore than left wing/communist “think” tanks. Converting our young into the same. IT use to be the only way we would have 7-8 year long college goers is because they had to work their way thru. They appreciated their education. Their education were something that taught them something besides hate America. Hate Capitalists. Hate White people. Hate people with values. Hate people who actually worked for what they had. These Dems want the working taxpayers .. to pay for their destruction of yet another cornerstone of this country.. Education. ENOUGH OF EVERY BODY GETS A TROPHY. WITH THE REST OF US PAYING FOR IT. ENOUGH DUMB AND DUMBER.

  2. I finished paying for my college debt back in 2003. Do I get a refund? An extra $40,000 right now would be very appreciated!

  3. Are you planning on paying me back for the 5 years I paid for to put my daughter through college with no debt? So we are just telling our kids that it is ok to rack up debt you can’t pay in hope that you will get a free handout from the Americsn taxpayer?

  4. I was brought up with nothing is free and people have to work for their rewards. Another very expensive political way to get votes. There are more many more things the government should be spending tax payer money on

    One thing that comes to mind is the southern wall.

  5. Chief: These people absolutely have no shame! Three or four of the candidates are pushing an attempt to BUY votes by paying off debt incurred by students. This has the potential to destroy the Democratic Party, do you really think the American taxpayer is going to forget what you are doing?
    Folks better think what they are trying to push over on the American people, there is nothing right about this program, you might as well hold a loaded gun to the voters head!

  6. You borrow money, YOU pay it back. It’s not right for every taxpayer to pay for education they are NOT involved in. I paid mine back, everyone else should pay back theirs.

  7. They’re not going to be able to pass anything, but they are using this to bait up college kids and their parents to vote democrat in 2020. They will keep passing ‘going nowhere’ bills to bait up every young person, black people, Hispanics, et al. Even if half of them got through the Senate, Trump would veto most if not all of them. Thing is, most of the people they are trying to bait are already on their side. We have to get out the Republican vote like we did in 2016.

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