Posted on 02/27/2020 5:44:45 AM PST by karpov
Bernie Sanders’s plan to wipe out Americans’ $1.6 trillion in student debt could face thorny political and practical problems if he is elected president in November.
The Vermont senator, an Independent who has surged to the top of the national polls in the Democratic presidential primary, has drawn little congressional support for his plan. A bill he introduced with Rep. Ilhan Omar (D., Minn.) last summer has just a dozen co-sponsors, all in the Democratic-controlled House, where it has languished.
A majority of Americans, 57%, oppose canceling all student debt, according to a September 2019 Wall Street Journal/NBC News poll. Among the strongest opponents are groups Democrats hope to peel away from President Trump: Rust Belt voters, independents, whites, men and voters in rural areas.
Mr. Sanders has said his plan would free up money for young adults to buy homes and cars, stirring economic growth. “It is not merely immoral to doom an entire generation to endless educational debt—it is also bad for our economy,” Mr. Sanders wrote in an op-ed for Fortune.
More than 43 million Americans owe student debt, which has quadrupled since 2005 and is now the second-highest form of household debt, after mortgages, according to the Federal Reserve Bank of New York. More than 90% of all student debt was originated or guaranteed by the federal government. The rest—about $123 billion—was originated by private banks without a government guarantee, according to MeasureOne, an analytics firm.
Mr. Sanders proposes to pay for the debt-forgiveness effort with a new tax on financial transactions. Progressive Democrats in Congress introduced a bill last year to impose a 0.1% tax on deals such as stock purchases and derivatives trades. The idea has gained momentum in recent years as progressives seek higher taxes on the financial sector
(Excerpt) Read more at wsj.com ...
I think Tucker makes a great point. If the University produces a “failed product” why should the taxpayer suffer the consequences? Let the University pay for it’s incompetence.
If a candidate promises to rob Peter to pay Paul, he can always count on the support of Paul. Peter, though, may feel differently.
A lot of everyday, hard working Americans are going to be asked to pay for the college education of young adults who got degrees in Lesbian Dance Theory and who now serve coffee at Starbucks.
There is no justice in that.
I propose we pay for it by Eliminating ALL Pensions for Federal Employee’s. Then the kiddies can get free education.
“free up money for young adults” = “buying votes”
Indeed. They grossly overcharged for a weak product.
I recall when the early online universities were pilloried for this. Think Phoenix.
I think we should forgive all mortgage debt, too.
And car loans.
It’s only fair.
Why not forgive mortgage debt, auto loan debt, medical debt, credit card debt?
So educate the student before they go to college and select an underwater basket weaving major. Also, get the government out of the college loan business completely. And realize that college is not for everyone.
“Democratic candidate wants to free up money for young adults, but 57% of voters are opposed”
That’s not a “democratic” candidate, it’s a authoritarian candidate. Democrats are not democratic when votes don’t go their way. They don’t deserve to use the word “democratic”.
It’s the democrat party, not the democratic party, Bernie is a democrat candidate, not a democratic candidate.
I really do think something will need to be done about this. However, if the government does it the way they usually do things, you’ll have to practically “make a deal with the devil” to see actual relief. That is, it would be like welfare. Nobody wants to find themself in a place where they are eligible for welfare. But if you DO find yourself there, at least you get just enough help to keep you miserable.
I think the better way to phrase it is - “Do you realize that 90% of outstanding student loan balances are already backed by taxpayers as guarantors?” That seems to be what people who support these schemes do not understand.
Hardcore neo Marxist morons would take YOUR stuff and eliminate you in a heartbeat, Bourgeois Bern. You’re another parasitic fraud on the body politic for nearly 20 years.
Chico, Harpo, Groucho, Zeppo, Bernie. Drive the clown car, Bernie.
http://www.slp.org/pdf/marx/comm_man.pdf
Karl had no use for you, idiot.
A free college education will be worth exactly what it costs....
Because too many of use who are sane and already paid our own debts are still alive.
These numbers will flip in about a decade.
Something like 98% of us opposed the bank bailout and they did it anyway.
What we think means little in the end. Auto makers, the homebuilding industry, and many others will lobby for this. Millenials having more disposable income is good for all of their bottom lines.
Maybe the graduates will remember to bag the full order at the drive thru.
Going forward, (not back...) allow people to go bankrupt on their (new) student loans like anything else and you’ll see two things: a restraining influence on tuition costs, and banks insisting that these loans be better secured by the people taking out the loans. And people will think harder about what value for money they are getting.
And some will realize there are other ways to get an education.
Socialism Is Legal Plunder. - The Law - Bastiat (1801-1850)
http://bastiat.org/en/the_law.html
Welcome to your indoctrination stooges...er students. Thanks for paying...er playing.
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