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Archive for June 24th, 2019

Democratic presidential candidate and U.S. Senator Bernie Sanders (I-VT) is calling for a tax on Wall Street to pay for forgiving $1.6 trillion in student loan debt.

Sanders tweeted, “If we can bail out Wall Street (See The $26 Trillion Bailout) we sure as hell can cancel student loan debt,” and “We bailed out Wall Street in 2008. It’s time to tax Wall Street’s greed to help the American people.”

Sanders tweeted who he thought the opponents of his legislation will be: “I am going to make a prediction. The major opponents of our legislation to cancel $1.6 trillion in student debt—mark my words—will be the exact same people who said we had to bail out Wall Street to the tune of billions upon billions of dollars.” In other words, the entire RepubliCON party, most corporate Democrats, Wall Street and major corporate leaders will oppose the legislation.

Tens of millions of US jobs have been exported overseas since the 1970s, especially manufacturing jobs. That is a big chunk of the US tax base that supported such things as universities, K-12 public schools, etc…, and one of the main reasons college has become so expensive in recent decades. The difference between the old higher US wages and benefits and the new considerably less foreign wages with no benefits has gone into the pockets the rich by the trillions of dollars, which clearly represents a redistribution of income, which has fueled massive wealth inequality. Wall Street executives and the affluent have been the beneficiaries of these income redistribution scams.

As for Bernie’s plan to offset decades of the corrupt US government and both corrupt major political parties using trade treaties and legislation to redistribute income from working folks to the rich, he said: “In the wealthiest country in the history of the world, it is simply not acceptable for our younger generation through no fault of their own have a lower standard of living than their parents, more debt, lower wages, and less likelihood of owning their own homes.”

Sanders said this at a Monday news conference detailing the proposal, called the College For All Act.

He added: “That is why this proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation — the millennial generation — to a lifetime of debt for the ‘crime’ of doing the right thing, and that is going out and getting a higher education.”

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