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.
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Leftist Still Doesn’t Learn His Lesson After His Pro-Diversity Speech Is Interrupted by ISIS Terrorist’s Bomb
WATCH: Dem witness accuses Trump of ‘population purge,’ Kennedy fires back: ‘You trigger my gag reflex’
Far-left lawmaker endorses candidate who boasted about voting with Republicans 80% of time
California bishop’s alleged secret double life explodes into felony case
FAA Temporarily Grounds All JetBlue Flights
‘A Woke Joke’ – Fans Furious at Hypocrite Bruce Springsteen as Tickets to His ‘No Kings’ Tour Are So Expensive, Only Royalty Can Afford Them
ICE Houston touts over 400 illegal alien child sex offenders arrested during Trump’s first year back in office
Trump’s pick to lead the Federal Reserve meets GOP senator holding up his confirmation
Former DC police officer accused of sexually assaulting 10 women he met on dating apps, in person
Europe flails in response to Iran conflict as Strait of Hormuz closure threatens energy supply
Shots Fired at US Consulate in Canada in ‘Unacceptable Act of Violence’
Jackson-Kavanaugh tensions surface in candid exchange over Supreme Court ‘shadow docket’
Have you seen these people? One of them might be your next president
Mainstream Media Headlines Use Subtle Spin to Hide Truth About ISIS-Inspired NYC Attack
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.
