Bernie Sanders: America Is Drowning in Student Debt. Here's My Plan to End It

[Uncle Joe]

(snip)

The Federal Reserve reported that in 2014 alone, student loan debt prevented 400,000 young Americans from purchasing homes. Karthik Krishnan, a professor at Northeastern University who specializes in student debt, told CNBC last year that people with $30,000 in student loan debt are 11% less likely to start businesses than are those without debt.

“You do stand to see longer-term negative effects on people who can’t pay off their student loans,” Federal Reserve Chair Jerome Powell told Congress in March 2018. “It hurts their credit rating; it impacts the entire half of their economic life.”

Under our legislation to cancel all $1.6 trillion of student debt, the economy would get a boost of approximately $1 trillion over the next decade and up to 1.6 million new jobs would be created each year, according to a report from the Levy Economics Institute of Bard College. At the same time, millions of Americans would have the financial resources they need to buy new homes, buy new cars, or open up small businesses.

Moving forward, our legislation will also make every public college and university, public and private historically black college, trade school, and apprenticeship program in America tuition-free and debt-free, because we understand that education must be an economic right for all, not a privilege for the few.

(snip)


https://fortune.com/2019/07/09/bernie-sanders-cancel-student-debt/

[SouthernProgressive]

1. "Here is my plan to end it."

"I'm endorsing Warren and supporting her plan."

[crazytown]

2. I do not agree with cancelling the debt of high income earners

Elizabeth's proposal would phase out debt cancellation from 100K to a ceiling of $250K. I prefer this proposal to Bernies, but would like to see the ceiling reduced further to around $200K. Don't tell me people that millionaires need debt relief. How is that progressive?

[Voltaire2]

11. How is 250,000 1,000,000?

Your assertion that "millionaires (don't) need debt relief" is reasonable, I just don't see how you equate 250,000 with 1,000,000.

[crazytown]

15. Sloppy wording.

250K+ don't need debt relief, for example millionaires.

[Voltaire2]

19. Advanced degree professionals can easily have 300k+ in debt

and an income in the 200K range. They'd have a mortgage sized payment on their debt. I have no problem with fixing that too. Nobody should get out of school saddled with giant loans to repay.

[ProfessorPlum]

12. no means testing means the program is _much_ cheaper and easier to administrate

much more popular with people who don't have to spend hours filling out forms, and since it still benefits the wealthy (potentially, if they are sending any of their kids to public institutions), they won't want to kill it.

It's a win win win. Don't worry about means testing. Not means testing makes it easier, cheaper, more popular, and good for everyone.

your argument ("we shouldn't do something nice for everyone because some people don't deserve it" ) is essentially the same argument that the oligarchs use to keep us from having anything good. We can't make good programs for everyone because they whip up resentment against some group that 'doesn't deserve it'. insert the poor, the rich, the irresponsible, the ugly, minorities, etc, depending on how you are trying to divide the citizenry.

The small amount of money we would invest for the children of rich parents going to state schools is a super cheap price to pay to make the program much longer lasting, more popular, more successful overall. AND, it wouldn't generate resentment in the ruling class that all the poors are getting something they can't have.

[crazytown]

17. I agree with not means testing community /public college

for two reasons - 1. The money clawed back would not be substantial in the scheme of things
2. If there is a means test the public money will be characterized as welfare, and not as a right. Children have a right to an education, and the days when high school was adequate is over. IMO.

Debt relief is another story - or it is as I see it.

[Voltaire2]

20. Plus everyone is in the same boat, so it is much harder for the rightwing to assault the program

by dividing us and portraying the recipients as 'welfare queens'. It is why SS and Medicare are invulnerable.

[ProfessorPlum]

25. yep

precisely my point


the policy wonks are always trying to means test everything to fucking death. They think it adds cleverness, but really it just makes people hate programs.

[Lordquinton]

16. All means all

The idea that we need to keep anyone out of these programs which they also pay taxes for just makes it more complicated, and forces more work on the lower income people it's supposed to help. The rich have people for that, and also probably don't have debt problems in the first place.

If you want a hard example of means testing costing more than it's worth, look at literally every time they institute drug tests for social services, they spend millions and find like one or two people. But everyone is inconvenienced for literally no reason but lining someone's pockets.

[crazytown]

18. (Respectfully) I disagree.

Student loans go on tax returns. The administration cost is trivial.

[Watchfoxheadexplodes]

3. When do you "plan" to end your campaign?

Sigh

[Autumn]

5. Why should he end his campaign? He, Warren and Biden are the front runners.

Out of the three Biden is most likely to drop out.

[Watchfoxheadexplodes]

6. Excuse me while I

[Autumn]

7. Laugh all you want.

[Clash City Rocker]

77. He should. What you said was pretty funny.

[Autumn]

78. Hi there. Did your Cheerios accidentally get wet?

[Clash City Rocker]

80. I'm not even sure what that means

But I assume it was a weak attempt at a personal attack, which is usually a sign that the person doesn’t have a logical argument.

[Autumn]

81. I reply in kind. I find it hilarious that people think one of the front runners should end his

campaign.

[Clash City Rocker]

82. After you said Biden is for some reason likely to end his campaign

And according to most polls, he’s the front runner.

[Go Vols]

8. +1

[George II]

9. Biden is the clear frontrunner, Warren, Harris and BS are shifting between 2nd, 3rd, and 4th.

Biden most likely to drop out?

[Skya Rhen]

13. This... +1,000,000,000

[mcar]

29. Why is that?

[Cary]

43. By decree

Of the queen bee.

[mcar]

45. Ah

[Kahuna7]

52. Is that so?...

[Kurt V.]

51. if you were consistently 2nd would you drop out? Ridiculous statement.

[Everyman Jackal]

4. By making every public college and university free

does he mean that the federal government will pick up the cost of going to a state college or university?

[Voltaire2]

10. yes. But primarily this is tuition.

Paid for with a transaction tax on wall street. However I think this is 'just' tuition and fees. Pell grants would be updated to cover current non-tuition costs for low income students, and states that participate would be required to cover any gaps for low income students. There are more details here: https://berniesanders.com/issues/college-for-all/

[SWBTATTReg]

28. I don't think a transaction tax on wall street will begin to even bring the amount of money ...

people think it would...

[Voltaire2]

31. 2.4T over 10 years.

That would be 240B/yr if all of the revenue went to this program.

[SWBTATTReg]

33. This much? I can't believe this amount of money from just taxing stock transactions...

$240 billion a year...sounds very unbelievable.

[Voltaire2]

35. There are currently somewhere around 10 billion transactions per day.

Now a transaction tax would reduce that number somewhat, but still it would be a huge number. The tax itself would be very small - a fraction of a percent of the value, but at the volume stocks are traded the numbers add up.

[SWBTATTReg]

39. Perhaps you mean shares vs. transactions, 10 billion transactions ???

[calguy]

36. Another bullshit " Tax Wall Street " scam.

It'll go over like a lead balloon. I'm all for renegotiating the interest rates on student loans. Cancelling student debt?? No Way. My position= YOU borrowed the money. YOU pay it back.

Free College? I'm sorry. They're not free to run, they shouldn't be free to go.

Why is everything Bernie proposes paid for by "Taxing Wall Street"?

We run on these lunatic positions and you'll see trump winning in 2020 with Ivanka running 2024.

[Voltaire2]

37. why is a transaction tax bullshit?

[questionseverything]

40. k thru 12 aren't free to run either...are you suggesting only the rich should go to school?

[calguy]

46. Stay on topic

If we run on free college and forgive student debt, all paid for by taxing Wall Street, say hello to four more trump years.

[questionseverything]

55. me thinks you think wall street is more beloved than it is

[calguy]

63. Methinks YOU are naive

[questionseverything]

72. sorry but i checked around the hood this evening

and we hate wall street fat cats

so sorry



maybe hate is too strong, maybe its just a lack of empathy

[Clash City Rocker]

79. How much does the hood provide in campaign contributions vs. Wall Street?

[questionseverything]

84. true dat

but the hood has many more votes than wall street (in theory anyways, if you ignore wall street owning the electronic counting machines)

[George II]

95. What's really interesting is that the subject of this thread has about half his $2M net worth....

....invested in "Wall Street"!

[questionseverything]

96. well it isnt like he is asking for an exemption for his transactions

[Blue_true]

60. Look at the Swedish model.

That country provides free tuition and low interest loans and grants, yet a student there comes out with only an average of $5,000 less debt than a US student.

What needs to be done is the housing and food part of college needs to be attacked. Those areas are the places students pile up debt.

[George II]

62. There are 350,000 college students in Sweden, there are 52 million undergraduate students in the US.

[Blue_true]

67. Good point.

But a US college typically has several hundred to up to 50,000 students. Not all students are full time.

Building dorms and making dorm life mandatory for first and second year students, as well as mandatory participation in meal plans would remove thousands of expenses each of the two years, in big university towns that savings amount could be as high as $10,000-$11,000 per year.

Third and fourth year as well as graduate students could chose to live in university owned housing for them, join fraternities and sororities or rent on the commercial market. Those that chose university owned housing would continue to see savings, just not at the first and second year rate.

The biggest part of college costs are in rent and food, the Swedish model clearly show that. If their tuition was not free (except for a small fee of around $100), their debt would be as high as in the USA.

[George II]

14. I don't think he's worked out the details yet.

[Voltaire2]

21. How's Biden's plan to address the student loan debt crisis going?

[George II]

22. Pretty similar in detail to BS' plan.

[Voltaire2]

24. do you have a link?

[George II]

26. Yes.

[mcar]

30. ...

[sheshe2]

41. Lol

[Vegas Roller]

48. hahahahahahahahahaha

[Voltaire2]

58. Right. No plan from your man.

His vision for his presidency is “i’m the president”.

[George II]

71. Or yours.

[Hassin Bin Sober]

23. He already fixed that. The banks no longer have to worry about students filing bankruptcy

[George II]

32. "He"? I believe it was, if it's what I think you're hinting at, "fixed"....

...by a majority of the House and the Senate.

[sheshe2]

42. How did he fix that?

[Cary]

44. Sorry but that was always the case

It was always almost impossible to discharge student loans.

[Blue_true]

61. That normally comes later, way, way later, like never. nt

[stonecutter357]

27. Do i get reparations for the Student Debt I paid off ?

[calguy]

38. Being from a lower middle class white family

I really couldn't afford to attend college. Now, as a 69 yr old retiree, I think, based on other arguments I've heard, I really do deserve reparations as well to make up for how well I would have done if I had the same opportunity as people with more money than me.

[Vegas Roller]

49. That is coming up soon

Every time Sen BS drops a few points in polls, he unveils a giant giveaway which will never ever become law.

[Voltaire2]

59. No.

But society will be more equitable going forward. Isn’t that something we are all fighting for?

Somebody once implored us to ‘ask not what your country can do for you’.

[USALiberal]

87. My brother wants his payments back also. Worked 2 jobs to pay it off! Nt

[TexasTowelie]

34. Is this fair to those that didn't attend college or didn't have student loan debt?

I see this as picking winners and losers since only a certain group of people benefit while others get nothing. I'd prefer to see UBI or universal health care where everyone gets a slice of the pie. Considering that the people that would receive this benefit have higher earning potential, this proposal is skewed towards the people that already have an advantage because of their education.

[Vegas Roller]

50. This is pandering to get the youth vote

and have them show up at rallies. History repeats itself.

[The Mouth]

54. Or those of us who went to (relativiely) inexpensive state colleges instead of

borrowing a couple hundred thousand to go somewhere fancy.

[Vegas Roller]

47. With all of Senator BS's proposal stunts

we are already at $15 trillion when added up. That is nearly equal to the GDP.

That would be more than all the annual profit of large corporations and every penny of money possessed by the Forbes 400 list.

Stock transactions are already taxed as capital gains when a gain is realized ... taxing them again is mind boggling. Even more painful when someone sells stock at a loss.

[calguy]

65. What's a few more trillion $$ when you're buying votes?

[Kahuna7]

53. The visual starring, Brie Brie..

Note: Not a SNL skit.

Link to tweet

[betsuni]

56. ....

I can't believe that's real. That is so bad I think I'm going into shock, someone throw a blanket over me.

[lapucelle]

64. And he paid for that. N/T

[betsuni]

68. Good use of campaign donations CANCELLED.

Someone said it reminded them of the Elle Woods Harvard admittance video. It's that mixed with bad infomercials you see in the middle of the night.

[Blue_true]

66. Will some of Trump's clean coal work as well as a blanket? nt

[betsuni]

69. I feel better now.

Now I'm just angry that he said moderate Democrats have wanted to cut Social Security and Medicare for decades.

[Blue_true]

70. Just have a shot of liquor with a peppermint stick.

That is my "what the shit did Betnie's campaign just say" tonic, even though I normally would need a gun to my noggin to drink alcohol. After awhile you become numb to it all and don't need the alcohol to ignore it, the peppermint stick, well that is a different deal, you may want to keep that going.

[customerserviceguy]

57. If I read the OP correctly

Private colleges that are historically black would get the free tuition deal, but private colleges that are not (including some that clearly have diversity) would not. Anybody see a Constitutional problem with that?

[lapucelle]

73. How about just elect Democrats who know how to get the job done, like Andrew Cuomo did here in NY.

A half-century ago, the cost of attending some of our best public colleges and universities was virtually free.

thunders the fiery career politician. Then he says something vague about tuition free community college and state university "moving forward", probably after all the talk, talk, talk, talk, talk that he's going to cancel, cancel, cancel, cancel, cancel goes nowhere, nowhere, nowhere, nowhere, nowhere,

Democrat Andrew Cuomo delivered on his free community college and state university and $15 an hour minimum wage promises during his 2014-2018 term, and he did it with a Republican state senate. "He's an establishment centrist incrementalist!" thundered the fiery supporters of his "progressive" 2018 primary opponent. Centrist, centrist, centrist, centrist, centrist!

Not one to sneer at "identity issues", Cuomo also ushered through a bill that codified Roe v Wade into state law, in addition to securing a gold standard paid family leave program for all New Yorkers. And we're on track to get legalized recreational pot in the next session. And he did all this without picking winners and losers, exploiting generational differences, or pitting one citizen against another.

Cutesy social media ads touting pie-in-the-sky promises? Don't insult me. Just give me a Democrat who knows how to get things done.

That's why I'm with Elizabeth.

[ehrnst]

74. +1000. (nt)

[George II]

75. That's how to get it done. This is not an issue for the Federal government, it's a state-by-state..

...issue. Fifty years ago the State University of New York (SUNY) and City University of New York (CUNY) were essentially tuition free, and the New York State Regents awarded academic scholarships. The minimum was $250 per year, even if a student paid zero tuition. Andrew Cuomo and the Democratic legislature for the most part is getting New York back to those days

Incidentally, slightly off-topic (but relevant), this morning Governor Cuomo signed a new pay equity bill - he signed it at the parade!

Link to tweet

[sheshe2]

86. At the parade no less.

Thanks for posting this. Thank you Governor Cuomo!

[lapucelle]

91. I worked for him last summer and got to meet him at a Liuba Grechen Shirley event.

He's very, very good at what he does. And he kept his promise not to throw his hat in the presidential ring if re-elected governor.

Thanks for posting, George!

[George II]

94. When he was first elected eight+ years ago, I wasn't too impressed with him. I guess...

...I was comparing him to his father, to whom NO ONE can be compared.

Over the last few years I've been impressed, he's really warmed up to the job and is very very good. I was happy to see the voters of New York see that as well.

[NurseJackie]

83. Well-stated, you! Excellent!

Cutesy social media ads touting pie-in-the-sky promises? Don't insult me. Just give me a Democrat who knows how to get things done.

I know, right?? That "canceled-canceled-canceled" ad was completely absurd pie-in-the-sky pandering. There's no mistaking it.

[sheshe2]

85. Brava Bella

[lapucelle]

92. ...

[betsuni]

99. +1

[brooklynite]

76. Next up: auto loans?

[USALiberal]

88. And home loans, and credlt cards in 2024! Nt

[brooklynite]

89. Doesn't the Old Testament talk about debt forgiveness every seven years?

Way to bring in the Evangelical vote?

[George II]

90. Gambling debts? Alimony? Bar tabs?

[melman]

93. Is there something you need to tell us?

[George II]

97. No. You?

[mvd]

98. We need big help for sure

My student loan debt was just referred to the Moron's education department. Now would be the best time to get a good plan like Sanders or Warren's!