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Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
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usmbacker Offline
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Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
Bernie, Bernie, Bernie.....

Quote:Two days before the first Democratic presidential debates, Sen. Bernie Sanders on Monday will unveil legislation canceling all $1.6 trillion of student debt held by about 45 million Americans.

Sanders will announce the legislation along with its House sponsors, Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus, CNN reported.

“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,” Sanders said in remarks prepared for delivery at a news conference.

The legislation goes further than a signature proposal by Sanders’ Democratic primary rival Sen. Elizabeth Warren, whose debt relief package was subject to income eligibility levels.

The key difference is that Warren’s proposal considers the income of the borrowers, canceling $50,000 in debt for those earning less than $100,000 a year and affecting about 42 million people.

Warren’s plan 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 a decade, enough to pay for a universal child care plan and free tuition at public colleges and universities.

Under the Sanders plan — which has no eligibility limitations and would be funded with a new tax on Wall Street speculation — anyone’s student debt of any kind would be canceled the second the legislation is signed into law.

Sanders’ bill and Warren’s plan are part of their broader appeal to liberals with a series of progressive policy ideas on issues such as health care, technology and education.

Sanders, who has long spoken about finding ways to relieve the burden of student debt, teased the announcement during an event in South Carolina on Saturday night.

“We are going to forgive student debt in this country,” he said. “We have for the first time in the modern history of this country a younger generation that if we don’t change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire.”

Sanders also plans to release a detailed plan — centered on new taxes on Wall Street — to raise the $2.2 trillion required to pay for the program and his other college funding proposals.

It will include a 0.5 percent tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1 percent fee on bonds, and a 0.005 percent fee on derivatives, according to CNN.

LInk
(This post was last modified: 06-24-2019 09:34 AM by usmbacker.)
06-24-2019 09:32 AM
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EverRespect Offline
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Post: #2
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
Do I get reparations for the student debt I paid?
06-24-2019 09:33 AM
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UofMTigerTim Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
(06-24-2019 09:33 AM)EverRespect Wrote:  Do I get reparations for the student debt I paid?

Hear! Hear!
06-24-2019 09:39 AM
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Eagleaidaholic Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
How bout car loans? At least something that nearly every person in the country needs. "Vote for me, I'll give you sh*t."
06-24-2019 09:39 AM
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TigerBlue4Ever Offline
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Post: #5
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
What about mortgage relief? Since it was the dems efforts to provide everyone with a home, regardless of their ability to actually make payments on the home, shouldn't we all get some relief from that?? If I didn't have a mortgage payment I'd be SO much better off.It's not fair.
06-24-2019 09:51 AM
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49RFootballNow Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
I paid for college from the income I earned at the time and help from my parents. Do we qualify for reparations Bernie?

This will NEVER happen because it would shut down an entire business sector (student loans). Bernie is blowing smoke up idiots' asses to get them into the voting booth.
06-24-2019 09:56 AM
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Claw Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
The difference between student loans versus car loans, mortgages, etc. is the where the money goes.

Student loan money primarily goes right back into government-owned institutions.
06-24-2019 10:03 AM
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Paul M Offline
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Post: #8
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
So everyone who didn't go to college gets stuck with the bills for those who did.
06-24-2019 10:11 AM
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ODU BBALL Offline
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Post: #9
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
Anybody that doesn't recognize Bernie for what he is - a senior citizen, basically a bum, that has made a living off of gaming the system (the government) his entire life - just hasn't looked into who Bernie is. He is literally nothing more than an old, hippy, bum who also happens to be a hypocrite as far as his tax beliefs on the "rich" of which he is one (but won't acknowledge). He's all for raising your taxes, but not his. Thanks Bernie ..... no deal. 07-coffee3
06-24-2019 10:15 AM
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Eagleaidaholic Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
(06-24-2019 10:03 AM)Claw Wrote:  The difference between student loans versus car loans, mortgages, etc. is the where the money goes.

Student loan money primarily goes right back into government-owned institutions.
I know. What the idiots don't realize is the government took over student loans about 10 years ago. So what Bernie is saying, "Let's crush Wall Street to pay debts that are owed to the government because the government screwed up another thing that was perfectly fine with market competition."
06-24-2019 10:21 AM
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appst89 Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
The level of sheer idiocy in this country right now is unsurpassed at any time in the history of this planet.
06-24-2019 10:24 AM
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B_Hawk06 Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
(06-24-2019 10:11 AM)Paul M Wrote:  So everyone who didn't go to college gets stuck with the bills for those who did.

Correct. That's how you build and maintain the Soviet-style elitists. And when the minions dare claim foul play... off to the gulags!
06-24-2019 10:27 AM
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VA49er Offline
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Post: #13
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
(06-24-2019 09:56 AM)49RFootballNow Wrote:  I paid for college from the income I earned at the time and help from my parents. Do we qualify for reparations Bernie?

This will NEVER happen because it would shut down an entire business sector (student loans). Bernie is blowing smoke up idiots' asses to get them into the voting booth.

As usual, trying to buy votes. I also don't see this happening.
06-24-2019 10:50 AM
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UofMstateU Offline
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Post: #14
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
Bernie is just trying to ensure a couple of more homes and sports cars for himself when all is said and done.
06-24-2019 11:04 AM
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SuperFlyBCat Offline
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Post: #15
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
So what about moving forward? Kids in HS today will have massive debt 8 years from now. It solves nothing.
06-24-2019 11:05 AM
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banker Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
In January 2009 the federal government held less than $150 million in consumer debt. By the time Obama left office that number was over a trillion. If this were to somehow pass, that just puts another (nearly) trillion dollars in the Obama debt legacy. Also, what happens to the hundreds of millions held by private companies and investors? Will the government just write a (bad) check for those amounts?
06-24-2019 11:27 AM
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Old Blue Offline
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Post: #17
RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
When you do the math you see it's almost 36K dollars of forgiveness for each student. How about mortgage forgiveness? That would be screwing over the banks. I thought everyone was for that? Big evil banks and all.
06-24-2019 01:49 PM
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SoMs Eagle Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
This is typical democrat thinking. Pay off idiots at the expense of killing the economy so idiots can’t find a job. Then bail out the idiots who can’t find a job AGAIN with another gubment program.
Don’t think for a moment that Sanders in all his brilliance would not do this in a second if he could.
06-24-2019 01:56 PM
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pkptigers07 Offline
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RE: Bernie Sanders unveiling plan to cancel all $1.6 trillion in student debt
If Bernie, or any politician for that matter, wants to truly help younger voters, he should be looking for ways to make Social Security solvent.

I’ve seen income numbers tossed around in relation to student loan debt that shows a lot of it is held but upper middle class earners. Short of pandering for votes, why are we bailing those folks out?
06-25-2019 02:30 PM
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