If you thought the Democrats’ race to the hard left was over, you should think again. The 24-man primary battle is now little more than a competition to see who can propose the most insane socialist position, then use that position to accuse the rest of the field of not being ‘true progressives.’
If you want any restriction on abortion – anything at all – you’re not a ‘true progressive.’ If you’re reluctant to support firearm confiscation, same thing. Voice even a shred of support for the continued existence of the insurance industry, and you lose your ‘official lefty’ status. Now, if you expect people to pay back student loans they willingly entered into, they’ll tell you that you’re ‘on the wrong side of history.’
This “revolutionary proposal” comes to us from Bernie Sanders. He wants to slap Wall Street with a crushing $2.0 trillion in new taxes. He intends to use that revenue to forgive every student loan in the country, and make all public universities tuition-free.
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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
Here’s a bit more, from the WaPo article he shared:
Sen. Bernie Sanders (I-Vt.) will propose on Monday eliminating all $1.6 trillion of student debt held in the United States, a significant escalation of the policy fight in the 2020 Democratic presidential primary two days before the candidates’ first debate in Miami.
Sanders is proposing the federal government pay to wipe clean the student debt held by 45 million Americans — including all private and graduate school debt — as part of a package that also would make public universities, community colleges and trade schools tuition-free.
Sanders is proposing to pay for these plans with a tax on Wall Street his campaign says will raise more than $2 trillion over 10 years, though some tax experts give lower revenue estimates.
Sanders will be joined Monday by Rep. Ilhan Omar (D-Minn.), who will introduce legislation in the House to eliminate all student debt in the United States, as well as Rep. Pramila Jayapal (D-Wash.), co-chair of the Congressional Progressive Caucus, who has championed legislation to make public universities tuition-free.
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Elizabeth Warren revealed a similar plan earlier this year. Her proposal was less expansive, carrying a host of restrictions based on income, and the overall financial situation of a household. It was nowhere near as all-encompassing as what Bernie is trying to do.
The problems with his plan are clear. The first and most obvious issue relates to concerns that the transactionary taxes Bernie supports won’t generate enough to cover expenses. There are already think tanks setting the actual cost of Bernie’s college gambit at well over $3 trillion – and that’s on top of all the other “free stuff” he’s promised.
Then, there’s the fact that Wall Street entities will, like any other business, pass the tax burden on to the consumer. That means buying and selling will be more expensive, prices will go up, speculation will go down, and the overall market will be less robust. Wherever it lands in the economic chain, taxation always rests on the back of the end-user. Individuals will bear the burden, not some nameless, faceless, “Wall Street” exec.
Finally, what about all the people who went to college, took out loans, and then worked hard to pay them off. If you did it the way you’re supposed to, Bernie’s plan is the biggest middle finger he could offer. Like anything that’s given away for “free,” the value of having a college education will decline, and you’ll be the sucker who actually paid for the diploma that everyone else views as a handout.
Will any Democrat have the guts to tell Bernie this is a terrible idea, or will they just propose something even more radical? Maybe those of us who put blood, sweat, and tears into repaying student debt – only to see that work rendered worthless by Bernie’s ‘revolution’ – should be offered reparations.
The views expressed in this opinion article are those of their author and are not necessarily either shared or endorsed by the owners of this website.