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.
When Politicians Call Data Centers ‘100% Renewable,’ They May Not Mean What You Think
Dem Gov. of NJ Tells Her Hand-Picked Lt. Gov. to Get Out as Investigation Points to Sordid Sexual Past
‘Castro’s playbook’: Ex-AG warns dozens of congressional bills are pushing socialist ideas
Xi caps Trump state visit with symbolic final stop before leaving Washington
As Trump’s popularity plummets, House Democratic target emerges in red Indiana
California voter ID ballot measure could be rare GOP statewide win
How the midterm elections will set Democrats up for 2028 success or failure
The Big Bad Guy Behind Unaffordable Housing Almost No One Names: Zoning Laws
Donalds rips opponent’s ‘complete 180’ as Dem’s own 2016 words come back to haunt him in tightening gov race
WATCH: Mike Lee explodes on voting error that ‘keeps happening’ as huge number of noncitizens found on rolls
UMass Dartmouth football murder suspect overstayed tourist visa, received deferred action: federal sources
Pittsburgh doctor stabbed to death after intruder allegedly attacks him, wife as they slept: police
New Jersey Gov Mikie Sherrill calls on lieutenant governor to resign after sexual harassment investigation
FBI says source of its jobs portal breach still unknown as hackers allege employee data compromised
Mamdani-backed socialist arrested at anti-Netanyahu protest outside UN
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.
