Is Bernie Sanders' plan to erase student debt a realistic way to retool an 'irreparably broken' system, or is it more like the overambitious promise of a 5th grade class president?
Sanders is introducing the legislation with Rep. Ilhan Omar, D-Minn., and Rep. Pramila Jayapal, D-Wash., the co-chairwomen of the Congressional Progressive Caucus.
The $2.2 trillion plan would be paid for by a new tax on financial transactions, including a 0.5 percent tax on stock transactions and a 0.1 percent tax on bonds. That levy would raise up to $2.4 trillion over the next decade, according to the senator's office. U.S. Senator Bernie Sanders seen during the Capitol "Swamp" to unveil college affordability bills, in Washington, DC.Critics say Sanders and Warren's plan is too expensive and fails to target borrowers who most need relief. The top quarter of American earners hold about a third of the outstanding student debt. "Most borrowers are capable of repaying their student loans," said Mark Kantrowitz, the publisher of SavingForCollege.com.
Proponents say the proposal addresses a debt burden that has ballooned over the last decade and has stunted the financial lives of a generation of Americans.
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