Elizabeth Warren Proposes $640 Billion Student Debt Relief

Elizabeth Warren proposes canceling student loan debt free public college

Elizabeth Warren Proposes $640 Billion Student Debt Relief

Anticipating Republican criticism that her proposal would be too expensive, Warren said her debt cancellation plan and universal free college could be paid for through an "Ultra-Millionaire Tax", which would impose a 2 percent annual tax on families with $50 million or more in wealth.

"We are familiar with all the fine rhetoric about higher education being the key to preparing the 21st-century work force and maximizing its productivity, but we can not help but notice that this is being championed by the same people who have helped to make our K-12 education system the grotesque laughing stock that it is".

Altogether, it would wipe out all student debt - including both federal and private loans - for more than 75% of Americans with outstanding loans, according to analysis provided by Warren's campaign.

After making headlines by calling for impeachment proceedings against President Donald Trump, Warren laid out in a Medium post her plan to cancel $50,000 in student loan debt for everyone who makes under $100,000 per year.

About 58 percent of 24-year-olds from families in the top quartile of income earners - or families that earn more than $124,000 per year - held bachelor's degrees in 2016, compared with 40 percent in 1970, according to a study published last year by the Pell Institute. The Massachusetts Senator's plan would wipe out $50,000 in debt for each person with a household income of less than $100,000.

With her flurry of proposals, Warren aims to demonstrate how fundamental policy shifts can expand opportunity for average Americans, curb the trend toward widening income inequality and boost the overall economy in the process.

Yet there has been little mention of the more than 44 million people already burdened with student loans, which makes Warren's debt cancellation plan a standout, liberal policy analysts say.

"I wish I could staple a free college diploma under each one of your chairs", she said.

Warren, who is now tied for fifth place among Democratic primary candidates according to the RealClearPolitics polling average, was also the first Democratic presidential hopeful to call on the House of Representatives to initiate impeachment proceedings against President Donald J. Trump following the release of Special Counsel Robert Mueller's report on Russian meddling in the 2016 election. It would establish a matching grant to states that commit to helping students pay for the full cost of attendance without taking out loans.

She has also proposed investing an additional $100 billion in Pell Grants over the next 10 years and expanding which students have access to these funds. Despite her pedigree and preparedness, Warren is underperforming in this race.

She said: 'There is no political inconvenience exception to the United States Constitution'.

Her proposed child care program would serve about 12 million pre-kindergarten children at an estimated cost of $700 billion.

The town hall, co-sponsored by the Harvard Kennedy School Institute of Politics and the New Hampshire Institute of Politics at St. Anselm College, was conducted before an audience of young people - a testament to how important millennials and younger Gen Z voters may be in the 2020 primary. They've been cheated by credit card companies and mortgage companies! But her student debt policies may not sit well with moderates.

"Look. Policy is personal".

During her own town hall meeting, Harris said there is "a lot of good evidence pointing to obstruction and obstruction of justice". "So my party was the party that at least we got half of them to stand up for working people, and that was the big change for me". People talk to me about their fear that healthcare is going to be taken away. The way we fixed these problems?

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