Senator Professor Warren made a power move and announced her plan to make college more affordable AND to cancel $640 billion of the $1.5 trillion in student debt that is currently outstanding.
“Ms. Warren’s sweeping plan has several planks. She would pay for it with revenue generated by her proposed increase in taxes for America’s most wealthy families and corporations, which the campaign estimates to be $2.75 trillion over 10 years. In addition to eliminating undergraduate tuition at public colleges and universities, she would expand federal grants to help students with nontuition expenses and create a $50 billion fund to support historically black colleges and universities. She would eliminate up to $50,000 in student loan debt for every person with a household income of less than $100,000; borrowers who make between $100,000 and $250,000 would have a portion of their debt forgiven.”
It’s pretty great, but paying for this depends upon a big change in the (un)fairness of our tax policies, and unless she gets the Senate to turn Blue, too, has no chance of becoming reality. But it does lay out in stark terms how the American Dream (if it ever existed) is rigged against us.
Warren’s plan would eliminate some barriers to education access, and it would give working class Americans more opportunities to own homes, start businesses, and improve credit scores. This is totally stimulating the economy, and you’d think that trickle-downers would see that? It’s the same principle, right?
Not surprisingly, the Moonie-owned The Washington Examiner is opposed and says that “Warren’s plan to cancel student loan debt would be a slap in the face to all those who struggled to pay off their loans.”
That is about the dumbest argument for keeping the status quo that I can imagine, sort of like arguing that ending slavery would be a slap in the face to the descendants of slaves. But I digress…
Not that I want to pile on, but later in the NYTimes article:
“The idea has been dismissed by some more moderate candidates seeking the Democratic nomination for president, like Senator Amy Klobuchar of Minnesota and Mayor Pete Buttigieg of South Bend, Ind. “Americans who have a college degree earn more than Americans who don’t,” Mr. Buttigieg said while addressing college students in Boston. “As a progressive, I have a hard time getting my head around the idea of a majority who earn less because they didn’t go to college subsidizing a minority who earn more because they did.”
Really tone deaf, you guys. This is the first really obvious mistake I’ve seen Mayor Pete make.