#TSRPolitics: It’s a hefty claim, but presidential candidate Senator #BernieSanders says he can erase everyone’s student loan debt with his plan.
So what would it take to erase $1.6 trillion in student debt that is owed by more than 40 million Americans? Taxing #WallStreet. Bernie said his plan will entail taxing Wall Street transactions such as stock and bond trades, according to @cbsnews.
“All Americans will get the college education or job training they need, while having all student debt forgiven,” Bernie tweeted. “We bailed out Wall Street in 2008. It’s time to tax Wall Street’s greed to help the American people.”
But Bernie isn’t the only Democratic candidate to claim he can do it. A few months back, #ElizabethWarren announced her plan to forgive student loan debt for college grads by adding an annual 2% tax on wealth above $50 million and a 1% tax on wealth more than $1 billion.
His campaign estimates the taxes would generate $2.4 trillion over a decade.
Bernie said his plan would also provide $48 billion in state funding to provide free tuition at state colleges and universities.
Meanwhile, the cost of a college education has exceeded wage growth in recent decades, leaving many families struggling to pay for school. Because a college degree usually means more money, students and their families often agree to take on thousands in debt in hopes of earning more down the road. But that can leave them struggling to repay their loans as they’re trying to get started in their careers.
Sanders said the plan would also help current and future students by easing the financial struggle they face while in school as almost half of college students report struggling with hunger and the cost of housing.
“In the richest country in the history of the world, students should not have to starve in order to get an education,” noted a statement on Sanders’ campaign site.
What do you think of Bernie Sanders’ plan to erase student loan debt? Let us know!
TSR STAFF: Christina C! @cdelafresh