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.
US forces kill two suspected narco-terrorists in Eastern Pacific lethal strike operation
Harvey Levin gives explosive update on purported Nancy Levin ransom note on ‘Hannity’
Fox News True Crime Newsletter: No suspects identified in disappearance of Nancy Guthrie as deadline passes
Civil rights groups issue Florida travel advisory for FIFA World Cup over immigration enforcement tactics
White House slams Democrat governor for urging public to track ICE agents with new video portal
Boston’s Wu orders release of ICE surveillance and bodycam footage, says fed government ‘hides behind masks’
Baltimore Mayor Plays the Race Card After Being Called Out on His $163,495 Taxpayer-Funded Vehicle
FDA relaxes labeling rules on ‘no artificial colors’ claims amid crackdown
DHS says anti-ICE agitators helped child rapists, gang members evade deportation
Kamala Harris Gives Clearest Indication Yet That She’s Running in 2028, Restarts 2024 Machine
Minnesota prosecutor seeks ‘immediate’ relief amid influx of 427 immigration lawsuits
Self-Proclaimed Antifa Terrorist Arrested in Minneapolis
Sheriff Reveals New Details Surrounding Nancy Guthrie’s Disappearance as He Lays Out Full Timeline
Blackburn demands investigation into Justice Jackson over Grammy appearance applauding anti-ICE rhetoric
Trump jokes he ‘hangs around’ Mike Johnson because he feels ‘protected’ at Prayer Breakfast
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.
