Sen. Elizabeth Warren of Massachusetts introduced legislation last month that would cancel student loan debt for tens of millions of Americans.
The senator previously stated it’s “obscene” to profit off of students, but she’s doing exactly that with a textbook she authored priced at $258.97.
Warren blamed the collective over $1.5 trillion in outstanding student loan debt on Washington, D.C.
“My very first bill when I got to the Senate was legislation to tackle the growing student debt crisis because I was sick of Washington allowing the wealthy to pay less, while burying tens of millions of Americans in mountains of student loan debt,” Warren said in a statement when she and Democratic House Majority Whip Jim Clyburn of South Carolina introduced the student loan debt forgiveness bill in late July, The Hill reported.
“Since then, Washington has only allowed this crisis to get worse — especially for people of color. Enough is enough,” she added.
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Forbes reported the legislation would offer loan forgiveness for 95 percent of borrowers and entirely cancel the loan debt for 75 percent.
“The student debt crisis is real and it’s crushing millions of people — especially people of color,” Warren said in June, according to Forbes. “It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”
The plan offers debt forgiveness up to $50,000 for all with a household income under $100,000 and gradually lowers the amount until those earning over $250,000 per year are not eligible.
Forbes reported that the senator’s bill closely mirrors a campaign proposal she made in April. At that time, she proposed an annual 2 percent tax on “ultra-millionaires” — defined as those with a net worth of $50 million in order to pay off the student loans.
In 2013, then-newly elected Sen. Warren called the fact the federal government profited from student loans “obscene.”
“Instead of helping our students, the government is making a profit on student loans,” Warren said. “That is wrong. It is morally wrong. That is obscene.”
As an aside, while the program was in the black in 2013, the Congressional Budget Office is projecting a $31 billion deficit in the federal student loan program over the next decade.
The Daily Wire’s James Barrett suggested if Warren is truly worried about profiting off of students she ought to look in the mirror.
A textbook she authored, “The Law of Debtors and Creditors: Text, Cases, and Problems,” costs $258.97.
For those students who can’t afford such a hefty price, they can always rent it at $126.78. However, the 2019 statutory supplement “Bankruptcy and Article 9” is an additional $60.
Warren co-authored another textbook, titled “Secured Transactions: A Systems Approach,” which is for sale at a more reasonable $122.83.
The lawmaker also didn’t seem to mind profiting off of students prior to coming to the Senate, when she was taking in an annual $430,000 per year as a Harvard Law School professor.
Townhall editor and Fox News contributor Katie Pavlich had a perfect response after Rep. Alexandria Ocasio-Cortez of New York and Sen. Bernie Sanders of Vermont offered their even more expansive bill in late June to pay off everyone’s student loans.
“Not my responsibility to pay for your ‘dream college’” Pavlich tweeted. “Your dream, your choice, your debt. Not mine or anyone else’s. It’s called personal responsibility.”
Source: Warren Trashes ‘Obscene’ Profiting off Students, While Textbook She Wrote Costs $250
