Warren and Clyburn #Cancel My Debt

[BeckyDem]

( Outstanding )

Link to tweet

[dchill]

1. But crushing dreams is how Cons get rich(er)!

[MineralMan]

2. How does that proposal cancel privately-held debt?

Aren't a lot of student loans held by private companies and banks? Is the federal government going to pay those loans off? With what funds? While I agree that erasing student debt is a wonderful goal, I have to wonder how that would be accomplished.

It's a terribly large problem, which could amount to over $1 trillion. Never mind that this Congress won't do anything of the sort. I'd like to hear how erasing that debt will be accomplished. I don't see an easy path to that goal.

[BeckyDem]

3. Private bank loans for colege debt is a disgrace and you bring up a critical point

that needs conversation. Over the past years, there have been wonderful Dems bringing bills forth, or I should say trying to, to reduce said debt etc. They got no where because the bank lobby is strong.

What Warren and Clyburn propose includes private student loans, as far as I understand it.The purpose here is to show other elected officials how popular it is and place pressure on them to pass it. If no one fights for it, it will never happen.

[MineralMan]

4. The lenders love those loans. They can't be liquidated through

bankruptcy, and interest rates can rise if the payment plan isn't followed. Meanwhile, the principal rises through interest compounding. Eventually, the former student owes far more than was borrowed in the first place.

Private student loans are usury at its worst, in my opinion. Even worse than consumer credit card debt.

No wonder they fight any measures to reform the process.

[BeckyDem]

5. Exactly.

[MineralMan]

7. I still don't see a path for proposals like that to get through Congress.

Even with Democratic majorities in both houses, there will be strong pushback. I'd love to see a way to erase all of that student loan debt, but I don't see a path to it.

As a campaign theme, it's a good one, of course. Still, there's a huge wall to get over to actually make it happen.

In the end, I want to see some form of zero-tuition higher education made available. That was the way things were in the 1960s when I graduated from a California State University. Our costs were limited to room and board and books, for the most part. It was possible for me to complete my education on the $256 per month from the GI Bill, along with $100 per month from my parent. Such a thing is no longer possible for middle-class parents.

That, however, would not deal with the existing $1+ Trillion debt. We need another Trillion for infrastructure, and another Trillion for climate change efforts. The negative bottom line keeps going up, year after year. It's an enormous obstacle to progressive proposals.

Frankly, I don't know how we're going to actually proceed on any of it.

[BeckyDem]

6. I found her specifics here:

Private student loan debt is also eligible for cancellation, and the federal government will work with borrowers and the holders of this debt to provide relief.


https://medium.com/@teamwarren/im-calling-for-something-truly-transformational-universal-free-public-college-and-cancellation-of-a246cd0f910f

[MineralMan]

8. Not very specific, I'm afraid.

That black box has no visible openings at all.

[BeckyDem]

9. Excerpt below. The link is not copying well. Here is the title on Medium.

Then you can Google it. The path is there, it takes leadership to pull it off and a commitment to fight the bank lobby. Obama did it with ACA. Also, as I said, the more bills like this from the candidates, the more likely other reps in Dem party feel the political pressure to pass it.



I’m calling for something truly transformational: Universal free public college and cancellation of student loan debt


Team Warren
Apr 22



Some people will say we can’t afford this plan. That’s nonsense. The entire cost of my broad debt cancellation plan and universal free college is more than covered by my Ultra-Millionaire Tax — a 2% annual tax on the 75,000 families with $50 million or more in wealth. For decades, we’ve allowed the wealthy to pay less while burying tens of millions of working Americans in education debt. It’s time to make different choices.

A Real Solution to the Student Debt Crisis: Broad Debt Cancellation

The enormous student debt burden weighing down our economy isn’t the result of laziness or irresponsibility. It’s the result of a government that has consistently put the interests of the wealthy and well-connected over the interests of working families.

Policymakers stood by as state after state pulled back on investments in public higher education and sent tuition soaring. They stood by as for-profit colleges exploded, luring in students with false promises and loading them up with debt as their executives and investors raked in billions in taxpayer dollars. They stood by as employers demanded higher credentials while offloading the cost of getting those credentials onto workers. And they stood by as corporations made huge profits off of the new skills graduates gained through higher education while giving workers almost nothing in the way of wage increases — increases policymakers falsely promised would make graduates’ debt worth it.

https://medium.com/@teamwarren/im-calling-for-something-truly-transformational-universal-free-public-college-and-cancellation-of-a246cd0f910f

[riversedge]

10. for the people. Thank you

[BeckyDem]

11. Which is what it's all about.