2020 presidential candidate Bernie Sanders wants to eliminate every cent of student loan debt which currently exists in the United States, as documented by Fox News.
The socialist is also set to announce the specific details of this plan later today with House Rep. Ilhan Omar. However, from what has already been publicized, this plan is a nightmare which will involve hiking taxes on a particular group of Americans. Making a sweeping promise of this manner is obviously designed to appeal to younger people and help Sanders better his standing in the polls.
What is Sanders’ Plan?
In order to eliminate the entirety of $1.6 trillion dollars worth of student loan debt, Sanders has the bright idea to implement a tax on Wall Street. This tax is designed to generate over $2 trillion dollars within one decade. Specifically, the tax would hit stocks at 0.5% and bonds at 0.1%. Additionally, Sanders’ plan involves removing tuition costs for trade schools, community colleges, and public universities.
Despite the plethora of ways in which a plan like this would inevitably go wrong, Sanders genuinely sees no issue with it. He recently released a statement which is designed to promote his plan to the American public.
In Sanders’ own words:
“This is truly a revolutionary proposal. 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.”
This is truly a revolutionary proposal: all Americans will get the college education or job training they need, while having all student debt forgiven.
We bailed out Wall Street in 2008. It’s time to tax Wall Street’s greed to help the American people. https://t.co/J4jqrRbLx3
— Bernie Sanders (@SenSanders) June 24, 2019
The Flaws of Increasing Taxes to Fund Government Programs
Democrats remain consistent in their proposals, despite how flawed they may be. Sanders, like the other members of his party, fails to understand that mounting taxes is not the right protocol. Progressives believe that Americans are obligated to fund the lifestyles of others and it’s simply not true.
Having a real conversation regarding student loan debt and how young people can pay off these debts is one thing; however, increasing taxes on stocks and bonds is another matter entirely.
What do you think of Sanders’ plan to erase all student loan debt in America and hike taxes on Wall Street? Sound off in the comments section down below!
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