Sen. Bernie Sanders, I-Vt., Suggested a plan on Monday to eliminate all $ 1.6 trillion in student debt with Americans by charging a Wall Street bank tax.
Speakers outside the Capitol building and flanked by Reps. Ilhan Omar, D-Minn. And Pramila Jayapal, D-Wash., Urged Sanders to eliminate all student loans for the debts of 54 million Americans – from both public and private education – and free public universities, community colleges, and business schools.
"This proposal will allow any person in America to get a university degree, regardless of their financial situation," says Sanders. "We will do a full and complete education a fundamental right."
STUDENT LOANS ARE THE LARGEST SOURCE OF PERSONAL DEBT IN THE UNITED STATES
He added: "It is unacceptable that the younger generation will have, without fault, a lower standard of living than their parents' generation."
Omar plans to introduce similar legislation in Parliament to eliminate study death, while Jayapal ̵
Sanders said his plan, which would put a tax on speculation from large Wall Street banks, would increase over 2 trillion over 10 years – although some tax experts provide lower revenue estimates. The proposal would hit financial institutions with a 0.5 percent tax on stock trading and a 0.1 percent tax on bonds.
"In 2008, the American people brought out Wall Street," Sanders says. "Now it's Wall Street's turn to help the middle class and the working class in this country."
FINANCIAL ADVICE: HERE IS, AS THE MODERN SCHOOL MUST PROMOTE THE STUDENT LOAN PAYMENT CRISIS
"The American people bailed out Wall Street, now it's time for Wall Street to come to the aid of the American middle class, "he added.
Sander's plan is the latest – and most aggressive – one of a democratic president by 2020 hoping to tackle the growing student loan debt problem in the country.
Sen. Elizabeth Warren, another hope for 2020, announced in April a plan to cancel existing student loans for millions of Americans. Under Warren's plan, each person's student loan will receive $ 50,000 relief if the household income is up to $ 100,000. Higher incomes will also be entitled to large debt reductions, while households earning over $ 250,000 will not receive any debt reduction.
Former Secretary for Housing and Urban Development Julián Castro has also introduced a more modest debt plan.
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Opponents of these proposals, including some Democrats, question why taxpayers must pay grants for the education of Americans, who on average earn more than those who only have a high school.
However, student debt has become a major problem for the US economy, which reduces thousands of spending power and brings home ownership beyond the reach of many other issues. Student debt burden has ballooned from $ 90 billion to $ 1.6 billion in about two decades, according to federal data, and the average college student in the United States educates $ 29,800 in debt.
"There are currently 45 million Americans with student debt," Said Omar Monday "There are 45 million people being held back from buying their first home; 45 million people may feel they cannot start a family 45 Millions of people who have dreams of starting a business or going into public service but being held back. "