Monday, April 22, 2019

attacking student debt

WASHINGTON (Reuters) - U.S. Senator Elizabeth Warren, who is seeking the Democratic nomination for the 2020 presidential election, wants to cancel billions of dollars in student loan debt and make college cheaper for students going forward.
Warren, in a post on the website Medium, proposed canceling $50,000 in student loan debt for anyone with annual household income under $100,000, which her campaign said would amount to 42 million Americans. It would also cancel some debt for those with household incomes between $100,000 and $250,000....
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.
With the presidential election scheduled in 2020 and with a gazillion politicians already claiming to run for chief executive, the whole kerfuffel is largely bullshit at the moment. Nevertheless -- and despite feminist and liberal caterwauling -- I like Warren's proposal ... a good idea that is highly unlikely to fly. Gouging 42 million people is a sport more popular even than politics. And taxing the ueber-wealthy? Forgeddaboutit.

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