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.
Netflix Bloodbath Continues – Company Fires Film Chief
Report: Posts from Talarico’s Adoptive Dad Unearthed – Show ‘Best Man’ Dem Knows Joked About Christ and Degenerate Different Way to Kill Him
Media Learns Would-Be Shooter Is Trans, Immediately Starts Using Biological Pronouns to Hide Trans ID, Blaming Men Instead
Repeat offender accused of shooting National Guard member has lengthy history with the law, records show
Former OJ Simpson attorney, longtime friend both support possibility of accomplice in 1994 murders
Trump renews push to rename New Mexico ‘New America,’ touts higher home values and incomes
Eagles QB Jalen Hurts Pulled for Season, Doctors Find Multiple Blood Clots in His Lungs
Smithsonian screening dispute puts museum’s commitment to diverse views on trial: ‘Right kind of Black?’
Reporter’s Notebook: Senate sneaks in one last political play before voters have their say
France’s massive intel failure sparks resignation offers amid days of rioting
Federal voter fraud arrests intensify in California days after DOJ warning
Rick Jackson to skip Trump campaign rally in Georgia
Court Set to Deliver Big Win to 70 Churches Seeking to Leave United Methodist Denomination
How a foreign government helped accused Saudi spy’s family flee US after OpenAI bug scandal
Violent far-left riots in France are ‘chilling warning’ for Americans at home, Mike Johnson says
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.
