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#1 User is offline   MTP Reggie 

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Posted 24 June 2019 - 07:40 AM

Sanders to propose canceling entire $1.6 trillion in US student loan debt
Jeff Stein
The Washington Post
Published 11:21 pm EDT, Sunday, June 23, 2019
Stamford Advocate

<More Typical democratic Pandering And Stupid Ideas Here>

WASHINGTON - Sen. Bernie Sanders, I-Vt., will propose on Monday eliminating all $1.6 trillion of student debt held in the United States, a significant escalation of the policy fight in the 2020 Democratic presidential primary two days before the candidates' first debate in Miami.

Sanders is proposing that the federal government pay to wipe clean the student debt held by 45 million Americans - including all private and graduate school debt - as part of a package that also would make public universities, community colleges and trade schools tuition-free.

Sanders is proposing to pay for these plans with a tax on Wall Street his campaign says will raise more than $2 trillion over 10 years, though some tax experts give lower revenue estimates.

Sanders will be joined Monday by Rep. Ilhan Omar, D-Minn., who will introduce legislation in the House to eliminate all student debt in the United States, as well as Rep. Pramila Jayapal, D-Wash., co-chairwoman of the Congressional Progressive Caucus, who has championed legislation to make public universities tuition-free.

Sanders helped popularize demands for tuition-free college during his 2016 presidential campaign run but did less to emphasize solutions for those who had already left school saddled with debt. Since then, liberal Democratic lawmakers have called for increasingly aggressive government solutions for erasing existing student debt, with 2020 candidates Sen. Elizabeth Warren, D-Mass., proposing $640 billion in student debt forgiveness and former housing secretary Julian Castro introducing a more modest debt forgiveness plan.

Bernie Sanders mounted a strong defense of democratic socialism, the economic philosophy that has guided his political career, even as Republicans and some of his Democratic presidential opponents have seized on it to brand him as too radical. (June 12)

These proposals have faced fierce objections, including from some moderate Democrats, for giving taxpayer subsidies to educated Americans who, on average, have higher earnings than those with only a high school degree.

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.

"This is truly a revolutionary proposal," said Sanders, who is announcing the plan with the support of Rep. Alexandria Ocasio-Cortez, D-N.Y., and a handful of other House Democrats. "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 is proposing to pay for the legislation with a new tax on financial transactions, including a 0.5% tax on stock transactions and a 0.1% 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.

Conservatives and moderate Democrats are likely to raise concerns about these student debt forgiveness plans. They have pointed out that Democratic presidential candidates, including Sanders, have pushed more than a dozen expensive federal projects - including Medicare-for-all, the Green New Deal and large infrastructure improvements - projected to cost substantially more than the $1.5 trillion GOP tax law approved in 2017, at a time of already high deficits.

"The cost will march toward $3 trillion and benefit a lot of wealthy families and future high-earners," said Brian Riedl, an analyst at the Manhattan Institute, a libertarian-leaning think tank. "Of all problems requiring a $3 trillion federal expenditure, the college costs of middle- and upper-class college graduates seem lower-priority."

(snip)

<More Typical democratic Pandering And Stupid Ideas Here>
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#2 User is offline   Bubbajoebob 

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Posted 24 June 2019 - 09:07 AM

What you punish, you get less of. What you reward and subsidize, you get more of. Canceling student debt is subsidizing bad choices, which will unfailingly lead to more people ignoring the cost of their degrees (why go to a cheaper community college if the government will refund your tuition to a $50K per year private university?) and getting degrees in fields where graduates will likely never be able to pay back the loans (because again, the government will take care of it). But that's probably the goal: a bunch of unemployed grievance studies majors to vote for their benefactors and act as cannon fodder if a revolution comes.
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#3 User is offline   gravelrash 

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Posted 24 June 2019 - 10:42 AM

Buying votes with other people's money. Government is why the cost of a degree skyrocketed during the 0bama regime.
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#4 User is offline   zurg 

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Posted 24 June 2019 - 11:22 AM

Yup, both comments are right on IMO.

Third party paying (even as low interest loans) always makes people less concerned with cost and thus allows costs to increase rapidly.

Third party paying also makes people less concerned with looking for more productive careers and debt forgiveness will make this problem worse.

It’s just amazing to see, in real time, that democrats have no idea why economics in society works the way it does. It’s amazing that they think that all you have to do is to just have the government write a check without concern for deficit/debt.
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#5 User is offline   Joe the Pagan 

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Posted 24 June 2019 - 12:40 PM

Somebody has to pay for all those Jr, Assistant, Lieutenant, Vice ..... Chancellor of <minority group> Diversity.
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#6 User is offline   Noclevermoniker 

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Posted 24 June 2019 - 01:11 PM

I wondered who'd be first. Bernie didn't disappoint. Now, watch 'em all jump on board. "You just pay for it, right?"
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#7 User is offline   Wag-a-Muffin (D) 

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Posted 24 June 2019 - 01:42 PM

I don't understand. If canceling a loan is such a good idea, why doesn't he he propose canceling car, credit card, and home loans while he's at it?
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#8 User is offline   Ben Cranklin 

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Posted 24 June 2019 - 01:44 PM

View PostWag-a-Muffin (D), on 24 June 2019 - 01:42 PM, said:

I don't understand. If canceling a loan is such a good idea, why doesn't he he propose canceling car, credit card, and home loans while he's at it?


What, are you angling for Treasury Secretary in the Sanders Administration, you big show-off? :nono:
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#9 User is offline   Rock N' Roll Right Winger 

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Posted 24 June 2019 - 01:45 PM

Fine, you dumb ass. Now pay for all of it yourself personally.
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#10 User is offline   Taggart Transcontinental 

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Posted 24 June 2019 - 02:24 PM

One major point. Bernie Sanders is not proposing the Federal Government pay off the debt. The Federal Government has no source of revenue. They do not "earn" a thing in the Federal Government. The assets the Fed Gov has are seized from tax paying American's. Thus Mini-Marx is proposing that the American TAXPAYER pay off student loans to the tune of over 1+ TRILLION Dollars. That means we are paying for all those useless degrees in womyn studies and other nonsense out there that qualifies someone to be nothing more than a barista at a local starbucks.

I am sick of this crap. Stop making me pay for the idiotic choices of people I do not know nor do I care to ever know.

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#11 User is offline   zurg 

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Posted 24 June 2019 - 02:30 PM

View PostTaggart Transcontinental, on 24 June 2019 - 02:24 PM, said:

One major point. Bernie Sanders is not proposing the Federal Government pay off the debt. The Federal Government has no source of revenue. They do not "earn" a thing in the Federal Government. The assets the Fed Gov has are seized from tax paying American's. Thus Mini-Marx is proposing that the American TAXPAYER pay off student loans to the tune of over 1+ TRILLION Dollars. That means we are paying for all those useless degrees in womyn studies and other nonsense out there that qualifies someone to be nothing more than a barista at a local starbucks.

I am sick of this crap. Stop making me pay for the idiotic choices of people I do not know nor do I care to ever know.

Believe it or not but there’s a possibility that he’s proposing “nobody” pays for them. After all, they’re just numbers in a computer somewhere. How could just a few keystrokes zeroing our balances be so bad? I mean, just do it, right?

AOC said something similar, “we’ll pay for them like we always do, we just send them checks” or something like that.

I think they’re malicious, but they’re also idiots. Those aren’t mutually exclusive traits....
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#12 User is offline   Severian 

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Posted 24 June 2019 - 02:36 PM

View PostWag-a-Muffin (D), on 24 June 2019 - 01:42 PM, said:

I don't understand. If canceling a loan is such a good idea, why doesn't he he propose canceling car, credit card, and home loans while he's at it?

Don't give him any ideas, that's probably next.
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#13 User is offline   MontyPython 

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Posted 24 June 2019 - 03:06 PM

(For any leftists reading along - Yes this is a story I'm just making up. Sheesh):

Hello? I went tens of thousands of dollars into college tuition debt learning how to stand on my head in cow poop while whistling Peruvian folk songs. Very few people have mastered this rare skill, and yet...for some inexplicable reason...I can't seem to find a job in this profession! So here I am stuck with all this debt I can't pay off...through no fault of my own...So I think all you taxpayers should pay it off for me.

It's only fair, right?

:whistling:

This post has been edited by MontyPython: 24 June 2019 - 03:08 PM

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#14 User is offline   Wag-a-Muffin (D) 

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Posted 24 June 2019 - 03:17 PM

View PostBen Cranklin, on 24 June 2019 - 01:44 PM, said:

What, are you angling for Treasury Secretary in the Sanders Administration, you big show-off? :nono:

What angling? I've already been promised, you can refer to me from now on as ""The Honorable Wag A. Muffin." I just don't know which position will give me more power and money, Secretary of State or Secretary of the Secretary of Defense. :sinister:
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#15 User is offline   Severian 

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Posted 24 June 2019 - 03:26 PM

View PostMontyPython, on 24 June 2019 - 03:06 PM, said:

(For any leftists reading along - Yes this is a story I'm just making up. Sheesh):

Hello? I went tens of thousands of dollars into college tuition debt learning how to stand on my head in cow poop while whistling Peruvian folk songs. Very few people have mastered this rare skill, and yet...for some inexplicable reason...I can't seem to find a job in this profession! So here I am stuck with all this debt I can't pay off...through no fault of my own...So I think all you taxpayers should pay it off for me.

It's only fair, right?

:whistling:

I saw an article where a woman was decrying the misogynistic companies and the income gap womyn suffer under because her boyfriend (both are in their senior year of college) has already been offered a high paying job upon graduation and she has had no, I mean no, offers. He was majoring in geology with a specialization in oil exploration/detection, and she had a womyn's feminist studies degree or something similar. Oh the humanity!
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#16 User is offline   Ben Cranklin 

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Posted 24 June 2019 - 03:30 PM

View PostWag-a-Muffin (D), on 24 June 2019 - 03:17 PM, said:

What angling? I've already been promised, you can refer to me from now on as ""The Honorable Wag A. Muffin." I just don't know which position will give me more power and money, Secretary of State or Secretary of the Secretary of Defense. :sinister:


SecDef in a Bernie administration??? Will you have much to do besides overseeing unilateral disarmament?
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#17 User is offline   MontyPython 

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Posted 24 June 2019 - 03:32 PM

View PostSeverian, on 24 June 2019 - 03:26 PM, said:

I saw an article where a woman was decrying the misogynistic companies and the income gap womyn suffer under because her boyfriend (both are in their senior year of college) has already been offered a high paying job upon graduation and she has had no, I mean no, offers. He was majoring in geology with a specialization in oil exploration/detection, and she had a womyn's feminist studies degree or something similar. Oh the humanity!


Yeah, I saw the same story. In fact, it was part of my inspiration while creating the story in my previous post.

B)
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#18 User is offline   Ben Cranklin 

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Posted 24 June 2019 - 03:43 PM

View PostSeverian, on 24 June 2019 - 03:26 PM, said:

I saw an article where a woman was decrying the misogynistic companies and the income gap womyn suffer under because her boyfriend (both are in their senior year of college) has already been offered a high paying job upon graduation and she has had no, I mean no, offers. He was majoring in geology with a specialization in oil exploration/detection, and she had a womyn's feminist studies degree or something similar. Oh the humanity!


Sounds like a real odd couple. I wonder why he doesn't dump such a futureless loser? I mean, even if he's thinking with his little head, how "hot" can a womyn's feminist studies major be? :scratch:
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#19 User is offline   Severian 

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Posted 24 June 2019 - 04:35 PM

View PostBen Cranklin, on 24 June 2019 - 03:43 PM, said:

Sounds like a real odd couple. I wonder why he doesn't dump such a futureless loser? I mean, even if he's thinking with his little head, how "hot" can a womyn's feminist studies major be? :scratch:

Maybe he digs armpit hair?
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#20 User is offline   Joe the Pagan 

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Posted 24 June 2019 - 05:15 PM

View PostSeverian, on 24 June 2019 - 03:26 PM, said:

I saw an article where a woman was decrying the misogynistic companies and the income gap womyn suffer under because her boyfriend (both are in their senior year of college) has already been offered a high paying job upon graduation and she has had no, I mean no, offers. He was majoring in geology with a specialization in oil exploration/detection, and she had a womyn's feminist studies degree or something similar. Oh the humanity!


I think the article was written by Christina Hoff Sommers. The womyn was studying feminist dance therapy.
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