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.
Preliminary autopsy reveals possible cause of death for missing 4-year-old Alabama boy Johnathan Boley
California driver allegedly kills 2 more people while out on bail for previous fatal crash
Picking the right fight: Congressional tensions rise in wake of Minnesota ICE-involved shooting
Thomas Paine Set America Afire with ‘Common Sense’ 250 Years Ago: Pamphlet Made Case for Revolutionary War
USDA immediately suspends all federal funding to Minnesota amid fraud investigation
California projects $3 billion deficit as outside forecasts show bigger shortfall
‘Jeopardy!’ Host Ken Jennings Wants Trump Administration Jailed, Vows to Vote for Candidate Who Will ‘Prosecute’
Trump administration to investigate refugee status of Minnesota residents
Fox News Politics Newsletter: AOC accuses Vance of believing ‘American people should be assassinated’
Hundreds of opposition members still imprisoned as Venezuela plays nice with Trump
Trump wears ‘happy Trump’ pin alongside American flag during White House oil executive meeting
Tim Walz Fumes About ‘Accountability’ in Shooting Death of Renee Good – He Should Start by Looking in a Mirror
New top Democrat on House CCP committee took cash from China-linked donors
DC pipe bomb defendant pleads not guilty to federal charges
Watch: Top Chicago Cop Blasts Dem, Media Narrative on Renee Good Shooting, Comes to Defense of ICE Agents Being Attacked with Cars
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.
