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Bernie Sanders unveils plan to cancel all $1.6 trillion of student loan debt

bver_hunter

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Now Bernie Sanders has made a very bold stand against student debt. He is right when mentioning that Wall Street and the banks were bailed out during the Great Recession of 2008. Trillions were spent then to do so, although that was the only solution at that time. But since then the CEO's and Executives have made millions due to that bailout and now it is their time to contribute back to help the children of others, who bailed them out in the first place!!

Sen. Bernie Sanders offered up a plan on Monday to completely eliminate the student loan debt of every American, staking out uncharted territory in the Democratic presidential primary.

The new legislation would cancel $1.6 trillion of student loan undergraduate and graduate debt for approximately 45 million people. His ambitious plan has no eligibility limitations and would be paid for with a new tax on Wall Street speculation.
The proposal goes further than the plan previously unveiled by his Democratic primary rival Sen. Elizabeth Warren. Her debt relief package was subject to income eligibility levels to determine how much relief the average person would receive -- parameters that Warren said were aimed at closing the racial wealth gap. Under the Sanders plan, if you have student debt of any kind it would be canceled the second the legislation is signed into law.
"This proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation, the millennial generation, to a lifetime of debt for the crime of doing the right thing -- and that is going out and getting a higher education," Sanders, flanked by activists and supporters, said at a news conference in Washington on Monday.
Sanders introduced the legislation with Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus. New York Rep. Alexandria Ocasio-Cortez, who will co-sponsor a pair of House bills that serve as companion legislation to Sanders' Senate plan, was also by his side for the announcement.
"The bottom line is we shouldn't be punishing people for getting to higher education," Sanders said. "It is time to hit the reset button. Under the proposal that we introduced today, all student debt would be canceled in six months."
This rollout comes at a time when second place in Democratic primary polling, behind former Vice President Joe Biden, seems up for grabs -- with Warren rising in recent voter surveys. With this latest, detailed pitch, Sanders is aiming to solidify his credentials as the most progressive candidate in a field that has largely embraced the priorities he brought to a national audience in 2016. The proposal is sure to invite new criticism from Democratic moderates, who have sought to cast themselves as pragmatic alternatives to Sanders' efforts to fundamentally remake the country's economic system.

On the stump and in interviews, Sanders has long spoken about finding ways to relieve the burden of student debt, but this this is his most specific plan to date. He teased the announcement during an event in South Carolina on Saturday night.
"We are going to forgive student debt in this country," Sanders said last weekend. "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."
The plan is part of a more comprehensive "college for all" program that Sanders has already released in pieces and includes free tuition at all four-year public colleges and universities, as well as community colleges. The broader proposal also includes subsidies to reduce the cost of tuition and fees for low income students at private colleges that historically serve underrepresented communities.
"We will make a full and complete education a human right in America, to which all of our people are entitled," Sanders said on Monday. "This means making public colleges, universities and HBCUs tuition-free and debt-free by tripling the work study program, expanding Pell grants and other financial incentives."
Sanders also talked about his detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten years.
The centrist group Third Way -- a vocal Sanders critic that he recently described as a mouthpiece for "the corporate wing of the Democratic party" -- slammed the proposal before Sanders formally introduced it, calling it "bad policy and bad politics."
"It's a regressive giveaway that primarily benefits upper middle class people who attended elite four year colleges," Lanae Erickson, Third Way's senior vice president for social policy and politics, said in a statement. "And there's nothing about that which will help Democrats appeal to the bulk of black, white, and Latinx voters who don't have a degree."
Sanders has already introduced the Wall Street speculation tax, which he calls the Inclusive Prosperity Act. At an event on Sunday in South Carolina he delivered the political argument for using it to help millions of Americans struggling with student debt.
"Congress voted to bail out the crooks on Wall Street, do you remember that?" he asked the crowd to a chorus of boos. "They provided seven hundred billion in federal loans and in addition trillions of dollars in zero or very low interest loans. So I think the time is now for Wall Street to repay that obligation to the American people. If we could bail out Wall Street, we sure as hell can reduce student debt in this country."

https://www.cnn.com/2019/06/23/politics/bernie-sanders-student-loan-debt-cancellation/index.html
 

HungSowel

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I agree with sanders based on principle, but now is not the right time. Bernie is taking on too many fights, if there is money to put towards something progressive, put it all towards single payer healthcare.
 

Butler1000

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I agree with sanders based on principle, but now is not the right time. Bernie is taking on too many fights, if there is money to put towards something progressive, put it all towards single payer healthcare.
That is the same excuse used for gun legislation.

Considering the size of student debt in the country it's a good policy.
 

jcpro

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Will the people who paid for their own education get a refund? How about the trust fund students? Pocahontas is calling for refunds for the gay couples and ALL candidates advocate reperation for slavery. I smell a landslide.
 

Butler1000

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Oct 31, 2011
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Will the people who paid for their own education get a refund? How about the trust fund students? Pocahontas is calling for refunds for the gay couples and ALL candidates advocate reperation for slavery. I smell a landslide.
Will all the people who paid for medical care before Ohip came around get refunds?

No. But that's not the point is it. The govt is now in fact the holder of all the debt because the banks backed out in 2010.

How about this. If the banks can get bailouts while still paying out bonuses and foreclosing on 5 million taxpayer mortgages then the govt can cancel the debt of all those taxpayers and their children and up the taxes on said banks to help make up for it.
 

onthebottom

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It’s a free shit arms race among the Dems

Cancel Student Debt
Reparations for black people
Reparations for gay people
A guaranteed federal job for anyone who wants one
Medicare for everyone

What’s next....
 

Butler1000

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Oct 31, 2011
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It’s a free shit arms race among the Dems

Cancel Student Debt
Reparations for black people
Reparations for gay people
A guaranteed federal job for anyone who wants one
Medicare for everyone

What’s next....
Looks good to me. Not hard when you cut the military budget to say 500 billion. Then actually tax some big businesses.
 

Polaris

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It’s a free shit arms race among the Dems

Cancel Student Debt
Reparations for black people
Reparations for gay people
A guaranteed federal job for anyone who wants one
Medicare for everyone

What’s next....
Just give 'em the guaranteed minimum income.

Then get rid of most of the federal government. Maybe cut an over budgeted military industrial complex program.

Richard Nixon was a proponent of the guaranteed minimum income. He had enough foresight to know where that donkey party will take the USA.

Nixon was smart. They should have tried to preempt this to save money.
 

WyattEarp

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May 17, 2017
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Richard Nixon was a proponent of the guaranteed minimum income. He had enough foresight to know where that donkey party will take the USA.

Nixon was smart. They should have tried to preempt this to save money.
FDR created an alphabet soup of agencies. Many are still in existence and many make no sense on paper. Liberals have a bias for government experimentation. It's almost impossible to unwind it when it's not effective or outdated. The bureaucratic state is very effective at self-preservation.

Not to mention we have this large centralized government in Washington layered on top of defiant federalism that has always existed. Lincoln should have turned the Army of the North around and dismantled all the states. If for the only reason, to eliminate redundancy and save some bucks.
 

HungSowel

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That is the same excuse used for gun legislation.

Considering the size of student debt in the country it's a good policy.
In Canada, our healthcare costs are about 15% GDP. Assuming the US goes single payer and assuming that the US also needs 15% of GDP, that is 3 trillion dollars per year. Maybe 2 trillion a year given the much larger economies of scale.

Single payer healthcare is the most important and the most costly to fund and the hardest to fight for, all focus should be on that. Student debt has to wait because people are dying without single payer healthcare. If all of a sudden students in high debt start taking their lives in large numbers, I would say student debt should be the battle to fight and single payer healthcare has to wait.
 

jcpro

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I hope that all of you realize that those are pie in the sky wishes that have exactly zero chances of becoming a law? In other words, the Dems are running on illusions. Bernie wants to tax the WS "speculators"- millions of the American citizens with 401k and investors providing capital for the expansion of industries. Yeah, sounds like a winner.
 

WyattEarp

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May 17, 2017
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In regards to US healthcare, I am more curious about the French system that has hybrid elements of private and public. Compulsory insurance seems necessary. Stupid Republican position to attack compulsory insurance if you ask me.

I'm not sure Americans will vote for entirely giving up private insurance. Europeans and Canadians have always been more comfortable with government-controlled industry. I also believe U.S. Medicare for seniors is wracked with overtreatment and abuse.
 
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