Sen. Bernie Sanders (I-VT) on Monday will propose legislation canceling all $1.6 trillion worth of U.S. student debt, according to a report.
The 2020 White House contender will unveil the bill alongside Congressional Progressive Caucus co-chair Rep. Pramila Jayapal (D-WA) and Rep. Ilhan Omar (D-MN), per the Washington Post. The plan goes further than a signature proposal by Sen. Elizabeth Warren (D-MA) as the two jockey for support from the party’s progressive base in the Democrat presidential primary.
Sanders’ effort on student loans, entitled the College For All Act, would cancel $1.6 trillion of debt, claiming to save the average borrower roughly $3,000 a year. It is estimated to cost a staggering $2 trillion and be paid for by a series of “Wall Street” taxes on such things as stock trades, bonds, and derivatives, according to the proposal.
Dem congressional candidate Bobby Pulido depicts lewd behavior in controversial music video for his song
AIPAC-backed Chicago Democrat loses primary despite outside spending blitz
Former congresswoman wins primary to take back former suburban Chicago seat
Democrat Patty García gains party’s nomination after controversial last-minute dropout by incumbent
WATCH: Tom Homan Exposes the Entire Dem Scheme With Illegals, Says They ‘Sold This Country Out for Future Political Power’
Two dead in Israel after Iranian missile attack near Tel Aviv
Pittsburgh police officers accused of ignoring ICE agents’ struggle with suspect
Upscale shopping district rocked by alleged antisemitic beating as lawyer, 2 others charged
Bombshell Whistleblower Report: Mueller’s Anti-Trump Witch Hunters Drank on the Job, Tried to Doctor Records, Violated Security Rules
Bombshell: O’Keefe Videos Indisputable Proof of Huge CA Voter Fraud – So Big Newsom’s Office Instantly Called for Prosecution
Trump calls mail in voting corrupt as Senate begins debate on SAVE Act requiring voter ID
Dems unmoved as White House reveals DHS concessions in shutdown battle
BREAKING: SAVE America Act Clears Major Hurdle in the Senate And Is One Step Closer to Becoming Law
House Oversight Committee Subpoenas Pam Bondi
Breaking Report: Joe Kent Was Leaker Who Had Been Cut from President’s Intel Briefings for Months
Warren’s plan, which she has suggested in a Medium post, will be introduced as legislation, would be paid for by imposing a 2 percent fee on fortunes greater than $50 million, a wealth tax designed to target the nation’s top 0.1 percent 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.
By forgiving all student debts, Sanders said the proposal addresses an economic burden for 45 million Americans. The key difference is that Warren’s plan considers the income of the borrowers, negating $50,000 in debt for those earning less than $100,000 per year and affecting an estimated 42 million people in the U.S.
“This is truly a revolutionary proposal,” Sanders said in a statement to the Post. “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.”
Story cited here.
