‘We have for the first time in the modern history of this country a younger generation that … will have a lower standard of living than their parents…’
(Kaylee McGhee, Liberty Headlines) Presidential hopeful Sen. Bernie Sanders, I-Vt., plants to introduce a plan to completely eliminate student loan debt nationwide.
Sanders will submit legislation on Monday to cancel the $1.6 trillion student loan debt owed by nearly 45 million people by enacting a new tax on Wall Street speculation. Under this plan, all student debt of any kind would disappear the second the legislation is signed into law.
“We are going to forgive student debt in this country,” Sanders said, according to CNN.
“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.”
This plan is part of Sanders’s comprehensive “college for all” program that he has been releasing in pieces throughout his 2020 campaign. The total plan would also reduce the cost of tuition for low-income students in minority districts.
Sanders’s proposed Wall Street tax would allegedly raise $2.2 trillion over the next 10 years, funding student-loan forgiveness and subsidies for low-income students.
It would include a 0.5 percent tax on stock trades, a 0.1 percent fee on bonds and a 0.005 percent fee on derivatives.
“Congress voted to bail out the crooks on Wall Street, do you remember that?” he said during a campaign rally.
“They provided $700 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.”