In a weird twist on socialism, Bernie Sanders on Monday rolled out a plan to hand a $1.6 trillion gift to college-loan borrowers — who tend to be better off than the average taxpayer.
He’d cancel all student debt, public and private — even for grad students and no matter the borrower’s income. Another $600 billion would go to make public universities and community colleges free.
Sanders claims a tax on Wall Street transactions can raise $2.4 trillion to pay for it. But critics say the tax would lead to fewer trades — and generate far less revenue. Plus, many of those transactions are made on behalf of middle- and working-class people’s retirement savings.
Fairness? People who skipped college because they couldn’t afford it would see those who took out loans to go getting their debts canceled, no strings attached.
Of the 45 million Americans with student debt, nearly 40% owe less than $10,000; two-thirds owe less than $25,000 — the cost of a car. And most earn more thanks to their degrees.
Yet Sanders wants taxpayers to pick up everyone’s tab: If you got a loan for business, medical or law school and are now enjoying a fat income, Bernie still covers your bill.
Some, especially those who borrowed but didn’t finish college, are hurting. But the feds have deepened the mess by making it ever easier to borrow, with no one looking to ensure borrowers could repay their loans. And the easy money has fueled massive hikes in college tuitions — with much of the windfall going to administrative bloat.
This is what socialism really produces: no “equity” or fairness — only unintended consequences, with all but the favored few winding up worse off.
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