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.
Pro-Trump clerk convicted in 2020 election scheme threatened, attacked in prison, lawyer says
Thomas Massie introduces bill to pull US out of NATO: ‘America should not be the world’s security blanket’
Florida’s CAIR threatens lawsuit against DeSantis after he labels group a ‘foreign terrorist’ organization
Top US political figures lend legitimacy to Qatari forum allied with array of anti-American groups
3 people arrested after 7 Providence College students overdose at off-campus party
Trump says New York Times questioning his stamina could be ‘treasonous’
Trump mocks Ilhan Omar’s ‘turban’ in latest anti-Somali tirade
Trump compares real wages under his admin versus Biden’s during speech calling out Dem affordability ‘hoax’
Trump gives update on wounded National Guard member 2 weeks after DC ambush shooting: ‘He got up from bed’
American skydivers reclaim world record from Libya with massive flag jump on Pearl Harbor Day
Trump says Rep. Crockett’s Senate run ‘a gift to Republicans’: ‘Can’t imagine she wins’
$900B defense bill advances to House-wide vote as conservative mutiny threat looms
Trump rips Biden and Democrats over affordability in Pennsylvania: ‘Like Bonnie and Clyde preaching public safety’
New report reveals federal spending per person has ballooned by nearly 10,000% since 1916
Twin Blue-State Punks Meet SWAT Justice After Threatening Medieval Torture, Then Murder of DHS Asst. Dir. Tricia McLaughlin
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.
