Desperate to gain traction in the polls, Senator Elizabeth Warren (D-MA) is appealing to debt-ridden students who are frustrated by the $50,000 tab they endured for studying lesbian dance theory and how all white people are literally Adolf Hitler.
Writing in a blog post on Medium, the first-ever Native American senator and presidential candidate promised to cancel up to $50,000 in student loan debt for 42 million Americans. When you factor in her promise to give free tuition to anyone who wants it, Warren is already in the red by $1.25 trillion over a 10-year period.
Sen. Warren writes:
The first step in addressing this crisis is to deal head-on with the outstanding debt that is weighing down millions of families and should never have been required in the first place. That’s why I’m calling for something truly transformational — the cancellation of up to $50,000 in student loan debt for 42 million Americans.
My plan for broad student debt cancellation will:
Cancel debt for more than 95% of the nearly 45 million Americans with student loan debt;
Wipe out student loan debt entirely for more than 75% of the Americans with that debt;
Substantially increase wealth for Black and Latinx families and reduce both the Black-White and Latinx-White wealth gaps; and
Provide an enormous middle-class stimulus that will boost economic growth, increase home purchases, and fuel a new wave of small business formation.
Experts estimate my debt cancellation plan creates a one-time cost to the government of $640 billion. The Universal Free College program brings the total cost of the program to roughly $1.25 trillion over ten years.
The senator claims she can pay for this platform with an annual two percent wealth tax above $50 million and another one percent levy on wealth more than $1 billion.
Do you want to solve the student loan crisis? Get government out of education, abolish federal student loan programs that are driving the higher costs, and deregulate the education market.
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