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.
Abortion pill fight heads to Supreme Court as manufacturer warns of ‘chaos’ after ruling
Trump Talks ‘Taking Over’ Cuba ‘Almost Immediately… on the Way Back from Iran’
Bad Timing: California Gov. Gavin Newsom Ratchets Up Feud With Joe Rogan as Republicans Lead the Field to Replace Him
1 dead after car slams into lavish Portland social club with possible explosives, FBI investigating
Eric Swalwell, Man Who Quit Congress In Part Due to Improper Contact With Staffers on Snapchat, Still Contacting Staffers on Snapchat
Missing man’s body found in abandoned cemetery crypt in case tied to biker gang
Trump administration to close Potomac golf course for championship-level renovations
After Spirit Airlines Goes Bust, Remember How Biden, Warren Stopped Merger to Save Airline Because It’d Mean ‘Fewer Flights’
Trump troop cuts in Europe could be blocked by Congress — here’s how he might get around it
Communist and socialist groups call for ‘revolution’ and seizure of property at Minneapolis May Day rally
Female Accused Would-Be Trump Assassin Walks Free Days After Third Assassination Attempt
Trump Greenlights ‘Keystone Light’ Pipeline to Help Replace Oil Source Infamously Blocked on Biden’s Day 1
ICE lines up to boot illegal immigrant child sex predator after bogus asylum claim, early prison release
Power the future sends letter to lawmakers over data
Beloved crossing guard killed by alleged drunk driver while helping kids cross the street in Louisiana
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.
