HomeUncategorizedIlhan Omar & Bernie Sanders to introduce bill that cancels all $1.6 Trillion in US student debt

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humphrey

Thanks Subir.

Benny

or the 1.1T tax cut in 2018

magsview

I saw it on CNN’s front page this morning.

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.”

Thanks Subir!

magsview

The proposal goes further than the plan already unveiled by his Democratic primary rival Sen. Elizabeth Warren. Warren’s 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.

jcitybone

It also helps that his proposal is backed by the progressive superstars in the House, AOC, Jayapal, and Omar. Didnt see Tlaib or Pressley but I suppose they would be backing this too.

jcitybone

humphrey

orlbucfan

Jayapal in Bernie’s corner is a good sign for him (or any other progressive legislator). She is gradually becoming very powerful, watch her. WA State is very lucky!

orlbucfan

T and R, Subir!!

jcitybone

I agree that making benefits available to everyone, including the more wealthy, helps insulate the programs from attacks as handouts.

Here a little more from the Post

https://www.washingtonpost.com/business/economy/sanders-to-propose-canceling-entire-16-trillion-in-us-student-loan-debt-escalating-democratic-policy-battle/2019/06/23/1eed053a-9561-11e9-aadb-74e6b2b46f6a_story.html?utm_term=.574ba1a145ae

Advocates say the push reflects the growing recognition of the economic harm created by the nation’s soaring student debt burden, particularly on the millennial generation, which ballooned from $90 billion to $1.6 trillion in about two decades, according to federal data.

Sanders is proposing to pay for the legislation with a new tax on financial transactions, including a 0.5 percent tax on stock transactions and a 0.1 percent tax on bonds. Such a levy would curb Wall Street speculation while reducing income inequality, according to a report by the Century Foundation, a left-leaning think tank, though conservatives warn it would stunt economic growth and investment.

Other experts say these criticisms miss the mark. If the plans are paid for with higher taxes on affluent Americans, they will ultimately redistribute resources down the income distribution, said Marshall Steinbaum, a former researcher at the Roosevelt Institute who was recently hired as an economics professor at the University of Utah.

Student debt forgiveness would also help stimulate economic growth by freeing borrowers to buy homes and improve their credit, while primarily benefiting racial minorities, according to Steinbaum and researchers at the Levy Institute, a left-leaning think tank. Omar, who has student debt, said in a statement that the plan would “unleash billions of dollars in economic growth.”

Additionally, poorer Americans would see the percentage of their income held in debt fall much more dramatically than that of higher earners under the plan, Steinbaum said. Steinbaum has also disputed Looney’s analysis, arguing it ignores people who have so much debt they cannot pay.

The difference in these plans may reflect a wider debate in the Democratic Party over how to tailor government programs.

Sanders has proposed universal government programs whose benefits also go to the rich and do not depend on recipients’ earnings. Sanders’s Medicare-for-all plan, for instance, would offer government health insurance to every American regardless of income, a break from Obama’s Affordable Care Act, which aimed to expand insurance primarily to low-income individuals.

Supporters say making government programs also available to the affluent makes them more politically durable, citing the popularity of programs such as libraries and K-12 public education, though critics contend such programs offer help to those who do not need it.

polarbear4

jcitybone

jcitybone

jcitybone

magsview

I remember back in 2015/2016 at TOP one poster said that his reason for not liking free tuition was that it would water down HIS degree. I’m beginning to think that certain people don’t want the competition!

magsview

The pragmatists are chiming in:

Wesley Whistle (that name!) is ‘Senior Advisor for Policy & Strategy @NewAmericaEd’ which wiki reports ‘has been criticized for its close links with Google, a leading sponsor’.

New America seems very tech-oriented.

jcitybone

How is it regressive if Wall Street is funding it? The WaPo article actually includes the arguments why means testing isn’t the best way.

magsview

He’s certainly implying that people who make six figures carry a good part of the student debt out there. But:

orlbucfan

The heavy student debt is class warfare to the nth degree!

humphrey

What the naysayers are missing is how the individuals with excessive student debt will act to this proposal. Afterall the certainly more of them than the sad wWallstreet bankers.😁

magsview

And Michael Dannenberg I’d bet is with Warren, as this is his twitter profile:

Education policy wonk; Former aide to Sen. Kennedy (D-MA), Sen. Pell (D-RI), Ed Sec. Duncan, & series of presidential & VP Democratic nominees

He seems to be upset at Bernie’s political tactic.

jcitybone

Sorry Mr. Dannenberg, it’s not only Bernie but Jayapal and Omar also.

jcitybone

And of course AOC

magsview

Lol

magsview

Apparently Third Way will now be critiquing every move Bernie makes.

orlbucfan

Turd Way, the ‘good’ ole GOPuke/YUPPIE RWing. Gag me!

jcitybone

Just assume the opposite of anything Third Way claims

humphrey

An excerpt from this Bloomberg article

https://www.bloomberg.com/news/articles/2019-06-24/sanders-to-propose-taxing-wall-street-to-pay-off-student-debts?srnd=politics-vp

The proposal represents the latest attempt by Democrats to tame what some economists and bankers have deemed a growing threat to U.S. economic growth. Relentless tuition hikes and cutbacks in government spending have propelled student debt loads to triple since 2007, eclipsing car loans and credit cards as Americans’ second-largest source of household debt behind home mortgages. That’s prompted policy makers such as Federal Reserve Chairman Jerome Powell and executives such as JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon to worry aloud that young Americans’ indebtedness is hurting the property market and overall economy.

More than 1 million Americans annually default on a student loan, U.S. Department of Education data show, and about 1 in 9 borrowers are at least 90 days late on their debt, the highest delinquency rate among any form of household debt, according to the Federal Reserve Bank of New York. The Education Department owns or insures more than 90% of all student debt.

Widespread struggles are at least in part a consequence of the fact that virtually anyone can borrow from the U.S. government to pay for college, with effectively little check on their ability to repay. But with joblessness at near record lows, rising wages and a growing national economy, experts question why so many Americans are unable to pay their student loan bills.

orlbucfan

AOC is so B.A.D! Love her! 🙂

humphrey

humphrey

humphrey

humphrey

humphrey

humphrey

humphrey

humphrey

jcitybone

🤨 I think it’s beyond ludicrous that DK has not yet had a front page article on this plan introduced by Bernie, Ilhan Omar, and Pramila Jayapal, and supported by AOC, while they breathlessly cover every cough from Warren and sneeze from Harris. Talk about a blacklist. Literally every outlet in the US has had articles on this.

jcitybone

A short article is finally up, which neglects to mention that the plan has Jayapal and Onar as House sponsors, and is supported by AOC.

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