In addition to her proposal to provide “free” college to all, Warren wants to add an additional $640 billion to pay off existing student loans, thereby burdening taxpayers with new debt while teaching our young adults to be irresponsible and burdening their children with a lifetime of economic collapse.
As Breitbart News reported:
The 2020 Democrat presidential candidate unveiled the ambitious policy proposal as she attempts to distinguish herself from the large and progressive Democrat field. Warren released the proposal ahead of a series of youth-oriented CNN town halls Monday night with 2020 presidential candidates at Saint Anselm College in New Hampshire.
“It’s a problem for all of us,” Warren said, noting that student college debt has reached more than $1.5 trillion and affects more than 40 million Americans. “It’s reducing home ownership rates. It’s leading fewer people to start businesses. It’s forcing students to drop out of school before getting a degree.”
According to her grotesquely expensive plan, up to $50,000 in student debt would be eliminated for each person whose total household income was less than $100,000 annually. In addition, the plan would reduce college debt for earners making between $100k and $250k but at a less extreme rate. Anyone who made more than $250,000 a year wouldn’t get a break — though typically these can include professionals like doctors and lawyers whose college tuition can exceed an annual salary of $250k or more.
The plan also calls for the elimination of tuition and fees for all two-year and four-year public college programs as it sought to restructure higher education in such a way that Americans don’t accumulate such high debt.
“Once we’ve cleared out the debt that’s holding down an entire generation of Americans, we must ensure that we never have another student debt crisis again,” she said, according to Breitbart.
This is Warren’s latest uber-Leftist idea to out-uber other uber-Leftists currently vying for the Democratic prize...er, nomination. Other hair-brained and expensive ideas call for implementing much of Rep. Alexandria Ocasio-Cortez’s multi-trillion dollar “Green New Deal,” and taxing millionaires more (as if they don’t pay enough already).
We can thank Obama and Democrats for the current student loan debt
But it’s worth noting how the country got in to this ‘student loan crisis:’ Enter the Democrats.
Once upon a time, a president by the name of Barack Obama thought it would be ultra cool to take student loans out of the hands of private sector banks and lending institutions because they had goofy requirements like ensuring loan applicants could actually pay back what they were borrowing. The result was a government-backed student loan system that handed out guaranteed money to virtually anyone who applied. (Related: Massive student loan fraud scam: 99.8% of repayment data fraudulently altered by schools.)
So naturally, lots of Americans did. And in the process, American colleges and universities — seeing the free money spigot turned on — began to dramatically raise their tuition rates and fees, resulting in the exorbitant costs for a college degree we see today.
This was a Democrat-created problem; now, Liz the Democrat wants to compound the money-hemorrhaging by putting all the debt government ‘guaranteed’ onto taxpayers and their children…and their children.
Initially, as noted by Mary Cate Cary at US News, changes to student loans required that students agree to pay them off. That’s the right thing to do and it teaches young adults to be responsible for the debts they voluntarily create.
Warren wants to turn that principle on its head, creating generations of takers while shepherding them into Left-wing propaganda mills posing as universities.
No, thanks. We have enough national debt — and irresponsibility problems — already.
Read more about our national debt bubble at Bubble.news and DebtCollapse.com.
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