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Sanders calls for the destruction of the $1.6 trillion student debt by taxing Wall Street

nearvideo-Bernie Sanders announces plan to eliminate student debt

Democratic presidential candidate sen. Bernie Sanders says his $2.2 trillion proposal is paid for by a tax on ” Wall Street speculation.’

Sen Bernie Sanders, I-Vt., to eliminate proposed a plan on Monday, all of the $1.6 trillion in the student debt of Americans, by the imposition of a tax on Wall Street banks.

Speaking outside the Capitol building, and flanked by Reps. Ilhan Omar, D-Minn., and Pramila Jayapal, D-Wash., Sanders called for the elimination of all student loan debt of 54 million Americans – both in the public as well as private trainings – and to visit the public universities, community colleges, and vocational schools free of charge.

“This proposal will make it possible for every person in America a college education no matter what their financial situation,” said Sanders. “We will make a full and complete education is a fundamental right.”

STUDENT LOANS ARE THE Largest SHARE OF PRIVATE DEBT IN the US

He added: “It is unacceptable that the younger generation, not your debt, a lower standard of living than their parents’ generation.”

Omar plans to eliminate a similar bill in the house, the student debt, while Jayapal – the co-Chairman of the Congressional Progressive Caucus – has been a supporter of the tuition free college.

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Sanders said his plan, which would raise a tax on speculation by big Wall Street banks, some of which control more than $ 2 trillion over 10 years-although experts in the field, the lower revenue estimates. The proposal would fail, financial institutions, with a 0.5 percent tax on stock exchange transactions and a 0.1% tax on bonds.

“In 2008, the American people, Wall Street saved,” said Sanders. “Now it is to help Wall Street turn to, the middle class and the working class of this country.”

FINANCIAL ADVISORS: HERE’S WHAT PARENTS SHOULD DO, IN THE MIDST OF SKYROCKETING STUDENT LOAN DEBT CRISIS

“The American people saved Wall Street, now it is time for Wall Street to help the American middle class,” he added.

Sanders’ plan is the latest and the most aggressive – of a 2020 democratic presidential candidate to tackle the mounting student loan debt problem in the country.

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To cancel Sen. Elizabeth Warren, another of 2020 hopeful, in April announced a plan existing student loan debt for millions of Americans. Under Warren’s plan, every person’s student debt would, to the exemption of US $50,000 when household income up to $100,000. Higher income would also be entitled to a large debt reductions, while households with incomes over 250,000 dollars, not a student debt reduction.

The former Secretary for housing and urban development Julian Castro led a rather modest debt plan as well.

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The opponents of these proposals, including some Democrats, who question why the taxpayers have to pay to earn subsidies for the education of Americans, on average, more than those with only a high school diploma.

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Proponents argue, however, that the student debt has become a major problem for the US economy, reducing thousands of years of purchasing power and put home ownership out of reach for many, among other problems. The student debt burden is long from $90 billion to $1.6 trillion in two decades, according to Federal data, and the average student in the U.S. graduates with $29,800 in debt.

“Currently, there are 45 million Americans who said with the student debt,” Omar on Monday. “The 45 million people back to their first home kept the 45 million people who feel that they can’t start to have a family, 45 million people, have dreams of opening a business or go into public service, but held back.”

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