Bernie Sanders to scratch student debt? | Freedom Network News

Bernie Sanders to scratch student debt?

On Monday – just two days before the first Democratic presidential debate – Senator Bernie Sanders will propose legislation that if passed would cancel all $1.6 trillion of student loan debt held by nearly 45 million Americans.

The 2020 Democratic White House contender will announce the bill alongside its’ House sponsors Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the  Congressional Progressive Caucus, the Washington Post reports.

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In a statement given to the Washington Post, Sanders said, “This is truly a revolutionary proposal… 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.”

Sander’s plan goes further than Senator Elizabeth Warren’s legislative proposal which also includes loan forgiveness, as the two left-wing populists compete for support from the grassroots base in the Democrat presidential primary.

Sanders’ bill, named the College For All Act, would see $1.6 trillion of student debt canceled and purportedly would save the average borrower around $3,000 per year.

The proposal would cost an astounding $2.2 trillion over a 10-year time span, which Senator Sanders asserts would be paid for by an array of Wall Street taxes on things like stock trades, bonds and derivatives.

On the other hand, Senator Warren’s student debt forgiveness plan which will also be introduced as legislation, would be paid for by imposing a 2 percent fee on fortunes exceeding $50 million – a tax intended on targeting the country’s top 0.1 percent. Something that’s long overdue.

Warren insists that the tax would raise about $2.75 trillion over a period of ten years, which would be enough to pay for free tuition at public colleges and universities, universal child-care plan, and student loan debt forgiveness for about 42 million Americans – apparently with revenue to spare for other projects.

The essential difference between Sanders’ and Warren’s plans is that Warren’s takes into consideration the income of the borrowers, wiping up to $50,000 in debt for individuals who’re making less than $100,000 per year.

Under the legislation proposed by Sanders – which doesn’t have any eligibility limitations – everyone with any kind of student debt would have it wiped clean as soon as the legislation is signed into law.

Last weekend, in a campaign event in South Carolina, Sanders declared,  “We are going to forgive student debt in this country,” he said. “We have for the first time in the modern history of this country a younger generation that if we don’t change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire.”

14 comments

  1. Dick Simon

    Republicans and Democrats alike, decry the astronomical costs of higher education. However, the Democrats are overlooking or ignoring the fact that the rapid increase in tuition and other expenses we’ve experienced in recent years has been fueled by Big Government.
    For decades, the federal government has enticed students with subsidized, government-backed loans to fund their education, and the Federal Reserve Bank of New York found that this reckless expansion in government-subsidized credit has led to the colossal rise in the cost of college.
    Adjusted for inflation, the cost of college has increased by over 300 percent in the last three decades, resulting in a combined $1.5 trillion of student loan debt. Still, universities continue to waste billions of dollars on amenities you’d only expect at all-inclusive resorts: water park-style lazy rivers, gaming centers, hot tubs, gourmet kitchens, and movie theaters. Meanwhile, crippling student debt is destroying millennials’ ability to pursue the American Dream.

    If we want the cost of a college education to skyrocket, allow the government to underwrite and forgive college cost. Again, the Democrats propose a government solution to a problem created by the government.

  2. Radone

    Are you going to pay for this? No I think not. You make Keys’s and less sense every time you open your mouth. You are too old and you will not be the next president to f the US. Even you democrats are saying none of you can beat Trump without cheating.

  3. THIS IS ABSOLUTELY “WRONG”!!! WHY SHOULD THE TAX PAYERS BE HELD RESPONSIBLE FOR SOME IRRESPONSIBLE TWIT WHO WON’T PAY HIS/HER DEBT… I DID NOT GO TO COLLEGE BECAUSE I COULD NOT AFFORD IT.. WHY SHOULD I BE HELD RESPONSIBLE FOR SOMEONE ELSE’S COLLEGE FEES…
    PEOPLE NEED TO STAND UP AND DEMAND THIS INSANITY STOP!!!! THEY TOOK OUT THE DEBT, IT IS THEIR RESPONSIBILITY TO PAY IT… “NOT THE TAX PAYERS!!!”

  4. William Armstrong

    Student loans forgiven ridiculous who’s paying for that it’s millions of dollars just like your healthcare Medicare for all Medicare fWill meet Medicare for none ! Approximately 180,000 people will lose their insurance which they live in want no socialism in this country

  5. Donald Mccormick

    I would ASK what would be the funds for those that has paid OFF all of their college DEBT at some time in the last few years.

    There are a LOT of students that have paid their debts already and have NOT made enough to get a few dollars saved up any money so they could pay any real cost of living increase or a problem that might cause a HUGE debt to fix because they just do not have the money to fix a Problem they just did not see coming.

  6. Tess Alarcon

    Will Sanders and Warren be wiling to get frim their own salaries as Senators and from their other income? , From all of them, to include AOC and their supporters who will vote for this bill.

    As the reporter said, “Not my dream, Not my Choice, It is your Responsibility” How right.

    Thanks.

    Tess
    Will both Sanders and

  7. Wumingren

    If he cancels all student loans, I want my mortgage paid off! If the banks are guilty for shackling students with loans, then they are even more guilty of shackling American families with home mortgages. I had heart surgery and owe an enormous amount not covered by Social Security. Pay that off, too! Social Security for all? I’m looking for a job to cover my expenses instead of planning that much vaunted retirement get away. If you, stupid Democrats, want to tax me 70% on my income to pay for my medical care, I’ll turn to off-the-grid sources of income! Indeed, I may even return to live in Taiwan, where an expatriate can earn a decent living with taxes ranging up to 15%.

  8. Warren

    Bernie Sanders needs to get his head screwed on right. first of all the students choose to take out student loans for want of a better job and life, they were not forced to take out loans. knowingly they chose this option knowing they would have to paid back, now they complain. Next Bernie may propose that the unemployed that have home loans be forgiven and don’t have to pay them back. the Tax payer needs to know that they will be paying the bill if this goes forward and they need to look at countries like Cuba / China / Sweden / and the other socialist countries around the world, this is what you will be living like. they say they will tax the rich but rich don’t have enough to foot the bill so it will flow down hill to the middle class and than watch out the rich will still be rich and the middle class will be poorer. do some research before you vote and depending on the way you vote be prepared for the end resolute.

  9. David Flournoy

    Here’s a great concept …
    If they cant afford to pay back loans, then do without it in the first place.
    That’s how I was raised,
    Hasn’t hurt me at all for 71 years.
    If I want something I cant afford , I save up for it.
    Try that buttercup ?

  10. Concerned citizen

    Many a vocationalist make lots more than college grads.
    Sanders is always in left field anyway as are most libs!

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