Bernie’s Plan To ERASE Student Loan Debt

>>Bernie Sanders has outlined his policy proposal for
student loan debt forgiveness and it is the most aggressive of the Democratic candidates
so far. Even more aggressive than what Elizabeth Warren
has proposed and I loved what Elizabeth Warren proposed. I like this more and I’ll tell you why. So first, here are the details. He’s proposing the federal government pay
to wipe clean the student debt held by 45 million Americans, including all private and
graduate school debt, as part of a package that also would make public universities,
community colleges, and trade schools tuition free. Now some people hate that because they feel,
well, there’s two reasons. First, there are people who have already paid
off their student loan debt and they’re thinking about how unfair it is to them. Okay, the second group of people think, well,
why are we gonna forgive student loan debt for wealthy people? I have news for you. Most wealthy people do not have student loan
debt. They’re not crippled by student loan debt. But also this is part of a strategy that I
think is gonna be more effective because the universal nature of this allows for more people
to back it, right? If you just shave a small group of people
who would be forgiven or even a sizable group of people who would have their student loans
forgiven. Well, then there are others who are not included
in the legislation who would be angry, upset, left out, you get the picture. And then who decides what the cut-off is for
student loan debt and how wealthy you are. So I think that this is actually a more simplistic
system and I want the student loan debt wiped clean.>>Yeah, so all the successful programs include
everybody, including rich people. So common example, the folks give is social
security. The reason that it’s so popular is that applies
to everyone. And if you don’t have to apply to everyone,
well, like food stamps, for example, now that’s understandable, that’s specifically aimed
at people who can’t afford food. But it allows wealthy donors to start picking
away at it. And they demonize it, and they attack it,
and attack it, and attack it. And so social security has survived, but it’s
not the only example, Medicare, of course, as well. But things as simple as the police and schools. They apply to everybody, right? If the rich people had to pay for their own
private security, do you think they would keep funding your cops, right, or firefighters
etc. No, it’s gotta apply to everybody. It makes it more sustainable. Now, there’s two elements to this, the policy
and the politics. I wanna save the politics to the end. In terms of the policy, if you’ve been watching
The Young Turks for a while, you’ve literally seen my evolution on this issue. From time to time I talk about how the viewers
and new facts->>And Anna.>>And sometimes Anna->>Anna.>>Changes my mind, okay? So I remember when Jill Stein first proposed
this back in 2016. And I’ll be the only one in media to ever
give her credit for anything. She had this idea first. And I remember interviewing her and she was
sitting right there and thinking, that sounds a bit much. And so you can go back to that old interview,
you can see my skepticism, right? But as time evolved, I got to see more and
more facts of how much it’s crushing the American economy, let alone the students. So for example, did you know that in the last
two decades, student debt has gone from $90 billion to $1.6 trillion?>>I did know that, Jake.>>Yes, I know you’re the expert on it. Okay, no, but seriously, it’s more the 16x
what it was just a couple decades ago. So when Biden dismisses millennials and says,
give me a break about how tough they have it. No, you don’t get it. No, what’s the big deal I paid off my student. Yeah, yours was five bucks, these things are
now monstrous. So by the time Elizabeth Warren introduced
her plan to take care of a portion of student debt, it’s a significant portion.>>Yes, it is.>>I supported the plan, because I realized
the economic benefit that would come from it. How much worse it’s gotten and some of the
things that rigged the system in the first place, including, honestly, Joe Biden authoring
that bill that said that you could never get rid of student debt. And Trump can declare six bankruptcies, but
if you’re a student, you’re shackled with it for the rest of your life. Now, I’ve gotten to the point where I think
going all the way is the correct strategy. So I agree with you, Anna, this is even better
than Warren’s plan.>>This is better. And just to give you a few of the details
in regard to what Warren proposed, she proposed forgiving about $640 billion in student loan
debt, whereas Bernie wants to wipe it clean, right? And when people keep arguing, well, it’s too
expensive. How are you gonna pay for it? Of course, that question I’ve been hearing
over and over again in the press. He does outline how he would pay for it. But more importantly, he talks about the bailouts
that the banks received, that Wall Street received, following the 2008 meltdown. And these are people who knowingly did things
that crashed the economy, and they got bailed out by us, the US taxpayer. Why can’t we help students get out of this
mess, which, yes, it helps those students, but it also helps the greater economy, the
real economy. Right now everything is propped up by consumer
debt. People have to keep on taking out more loans,
more credit card debt, just to make ends meet. We need to create a real economy where people
aren’t relying on loans and debt in order to provide the bare essentials for themselves
and their families. So how is Sanders going to pay for this? He’s proposing to pay for these plans with
a tax on Wall Street his campaign says will raise more than $2 trillion over 10 years. The plan implements a new tax on financial
transactions, including a 0.5% tax on stock transactions and a 0.1% tax on bonds. Such a levy would curb Wall Street speculation
while reducing income inequality.>>Cuz jump in and go it would stunt economic
growth and investment, really? You’re not going to invest in a company because
of the 0.5% tax? That’s not true at all. What it will prevent though is constantly
trading and retrading positions, high-frequency trading. Some of those things cuz then the taxes will
add up. But the high-frequency trading is basically
done to rip off the market. So that’s why it would reduce speculation
and add to the economy. So it’s part of the reason that I’ve been
won over on all these issues. And whereas, when the students get that money
and/or they’re relieved of the burden of having to pay back that money, they immediately can
take that extra money they’re spending on their loans every single month, and put it
right back into the economy. Into food, housing, cars, etc., and that greatly
simulates the economy.>>So of course, Bernie’s going to have his
critics. Some on the left, but the majority from the
right. Michael Huckabee happens to be one of those
critics when it comes to this proposal. Let’s hear what he has to say, and then we’re
going to debunk it.>>Why stop at student loans, Sandra? Let’s go ahead and wipe out everybody’s home
loans. There is a lot of people who are in trouble
because they bought more home that they could afford, their rates went up in an adjustable
rate. What about car loans? Let’s pay those off, give everybody a free
car. And by the way, I really resent it when Bernie
says we’re gonna pay off the college loans of today’s kids because of what we did in
1944. He must not have remembered, and he even acknowledged
it, but didn’t seem to have input it, is that people did something for their country to
get that college education on the GI Bill. What he’s saying is, let’s just let people
burn our flag. Let’s let them sit during the national anthem
and we’re still gonna pay off their college loan. I’m all for getting college paid for by people
who wanna serve in our military, or serve this country-
>>Mm-hm.>>Maybe through some other means, but just
to pay off the loans, they took those loans. I’m sorry, they took out so much, and they
can’t pay it back. But somebody should have told them.>>Did Mike Huckabee just accused 45 million
Americans of being flag burners? Did he just slander all of these students
as flag burners, he just completely mischaracterize them, which is disgusting. Mike Huckabee is so gross. And by the way, the way that he is framing
this is, look, they’re not taking personal responsibility. No one told them to take out those loans. But we live in America where you literally
cannot get a good paying job unless you have a college education. So how do you pick yourself up by the bootstraps
if education is unattainable if you can’t afford it. So students are being pushed toward loans
because they have no other options. And Mike Huckabee also talks about, well,
back in the day people paid for their loans and it wasn’t a problem. Yeah, look, I don’t know when he was a student,
right? Well, was it the 1930s. I have no idea. But student loan debt has gone up a lot. Student tuition has gone up a lot just in
the last decade. And I want to give you those statistics so
you understand how much of an issue this is for young people today. So he went to a Baptist university, Ouachita
Baptist University. And this is what tuition looked like in 1985. Tuition then was $2,950, so if you adjust
it for inflation, $6,580 today. But tuition in 2016 was $24,400. Okay, so an increase of 271%.>>Ouachita.>>Yeah, exactly. Since 1978, college tuition and fees have
increased by a whopping 1,120%. During that same period, the price of food
has increased 244% and medical expenses 601%. In fact, tuition prices have gone up four
times faster than the consumer price index, and that’s according to a reporting by Bloomberg. I’m bringing this up because they live, people
like Mike Huckabee live in a different world. They don’t have to go through this, right. They sit in their ivory towers and they get
to enjoy all of their privileges. They don’t have to worry about putting their
kids through college. They don’t have to worry about their children
stressing about what their future is going to be.>>Yeah, now finally, let’s go to the politics
of it. I think it’s great politics. So Joe Biden came out today and said look,
I’m not going to give everything free to everybody liked my competitors. He’s referring to Warren and Sanders. And that’s terrible politics. So Hillary Clinton also said, we’re not gonna
change anything, okay. Yeah, well, you know what, not doable, impractical. And it was terrible politics then, it’s terrible
politics today. You know what Obama campaigned on, you should
remember Joe, cuz you were his running mate. Giant placards that said change, people want
change. There’s an albatross around everyone’s neck. And right now, even the billionaires are saying
for the love of god increase taxes on us. This is insanity. 19 billionaires came out today with a letter
saying increase taxes on the rich, this is crazy. Incoming equality’s hurting the whole country. They polled Elizabeth Warren’s wealth tax,
that applies to people that have more than $50 million, they polled just millionaires. 60% of millionaires said, yes, obviously you
should do that. You should tax us a lot more. When they got to people who make over $5 million,
it went up from 60% to two-thirds saying, yes, for god’s sake, raise the taxes on the
rich. What is wrong with you, guys? And what is wrong with them is not even the
majority of the rich, it is a minority of the rich that do all of the campaign financing. They give to the Republican party and a lot
of the Democratic party and they go, do not help the kids. The reason Joe Biden was called the Senator
from MBNA, that was a credit card company and a financial institution back in the day,
is because they were his top donor, and they also were from his state. And so he passed a bill saying you can’t ever
get rid of your student debts, cuz he wanted to help financial institutions that had a
lot of student debt that they were collecting on. So it is those campaign donors that are ruining
this system. So you’ve got to get the money out. But also, proposals like this that actually
both help the economy and help the average American citizen to live the American Dream
is the way to go and Huckabee, it’s not like a car or a house. Remember, high school also used to be paid. You actually had to bring in someone who taught
your kids and only rich people got to get that education. And we changed that. And we didn’t then turn around and go so what,
they should pay for their junior high school and elementary school teaching. What am I gonna give them a car next? No, that’s how you live the American dream
and have economic opportunity. It applies to college just as much as it does
to high school.

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100 thoughts on “Bernie’s Plan To ERASE Student Loan Debt

  1. Point is if u dnt wipe out todays debt u cant get support college free for upcoming studebts thats why huckabee is against it and not talking about free college

  2. You may have to burn flags if you can't afford heat. Huckabee hasn't been doing a lot for veterans except exploiting them as an excuse to withhold money.

  3. Ana is completely wrong. This is a terrible idea, it's effectively a give away to wealthy students. They did something similar in Scotland, and poorer student admissions dropped.

    Why? Because you're effectively prioritising paying tuition for everyone and eradicating debt for everyone, sounds great! But lower income students have other living costs beyond tuition, costs that require grants and bursaries even if they work a minimum wage job, those support mechanisms are lowered when you have no means testing for tuition and debt.

  4. in the Uk you don't pay any of the dept back unless you earn enough, then after a period of time elapses they write off the dept without loss of credit score or any loss.

  5. What about child support… we pay to take care of everyone else with our taxes y is there a child support if you can stop some taxes to pay for our children. I don't believe the country comes before our own families

  6. It's not just the students, but their parents and families who are struggling to try to get their kids through college. I sure hope Bernie becomes the next president. Just by taxing Jeff Bezos could pay for millions of people to go to college !

  7. The people that truly care about this issue is the ones that are struggling in major student debt with no hope at a future. They do not make enough money in their job after college to actually pay down the debt in any reasonable time frame. These debts will last for 30+ years when you can barley pay more then the interest. People without student loan debts do not care and want people in debt to be in pain.

  8. Maybe not, we absolutely need to look at cutting the student loan debt a lot but honestly people going into debt know that is what they are doing. It seems that some of that debt needs to be paid for by the people who took on that debt. I would be happy to support something that makes major cuts of the debt and allows a easy repayment based on what you can afford over like 10 years. I really think it is bad policy to just say you can walk away from all of it.

  9. Mike Huckabee. Now we know why Sarah is a habitual liar. We know what happened in the housing market crash and great recession.

  10. My daughter is 33 and been teaching for almost 10 years and still paying over $300.00 a month on student loans. You are already in debt to the government when you graduate. How can she afford a home on a meager salary and half goes to student loans?

  11. My daughter was supposed to get a discount for not missing a payment after so many years. A $5000.00 discount. She had to fight tooth and nail to get it.

  12. My daughter doesn't have a child in her mid thirties because she can't afford a child with all her student debt. Most of her check goes to student loans. Over $300.00 a month on a teachers salary.

  13. she's way better then him in reporting she seem more human then him, his crony corkyness make me miss the story

  14. I love me some Cenk and Ana, I want them on my evening news every night instead of these non thinking incompetents they have on tv now

  15. I really like the idea of free public school university education….not sure I’m sold on using today’s dollars to pay for yesterday’s decisions.

  16. Mike Huckabee is full of shit every time he opens his mouth. They just don't get it at all, they are so out of touch with everyone around them.

  17. All you Europeans are living off our land, our trust, and have breached all the contract that in front of your, the 2o too 30 trillion in debt, is taking about us, moors, treaty,

  18. Yeah, I never burned a flag. As a matter of fact, part of the reason I went to college was to enter the military through college NROTC. It didn't work out in the end but I have never even thought to do something like that.

  19. There is the left playing with others money, until there is no more money, and the system colapses. Look at Venezuela you idiots.

  20. An more educated country not burdened by crippling debt at the start of career is by far a better solution to grow the economy than any tax cut or stimulus plan.

  21. Mike Huckabee raised a pathological lying daughter and an animal abusing son. He's an evangelical POS and a horrible father so he should STFU!!!!!!!

  22. Ana loves Liz Warren. Too bad she can be a fan of a jellyfish, who FAR too often, is found on the wrong side of the issues. Ana is playing on the surface, IMO. I look more to the core of someone who could have been a Reagan Repub while they broke unions and instituted a LOT of fascism, votes for increasing a bloated military budget, with NO debate. She has been a n-show for a LOT of things, until she RUNS for office. Then she's a 'fighter' again. PUKE!
    What the F do her 'proposals' mean?! She shit on everything she now says she is 'fighting for', when she dove into the swamp with Hillary in the '16 primaries. If I could clearly see the primary was being rigged, so could establishment Liz.
    What part of Liz saying that she would take the oligarchs' money to run in a general did you miss, Ana?! You really think that when the oligarchs give money to Repubs, its to influence legislation, but when a 'Dem' takes those same bribes from the same bribers, its because the fat cats like their wardrobe?! You should be more 'woke' than this.

  23. Paying off student loans is not a fix, it's a band-aid. Excessive lending to 18 year olds, that have no income and no financial education is the problem. The banks and the Universities are the problem. They walk hand and hand. The University raises tuition and winks at the lenders, and then the lenders loan more to the students. Quit talking about paying off student loans, that solves nothing,

  24. We should repeal the law that disallowed student loans to be wiped out in the case of bankruptcy. That would cause indirect price pressure to bring tuition down.

  25. Huckabee: "Why not buy pay off home loans and auto loans?"
    Well asshole your party was all about bailing out the banks who lent for those homes and the auto industry in 08 but that was different right?

  26. I didnt even think about how he said that 45M people are flag burners, I was thinking about how their arguement is that you shouldn't get an education if you use your protected speech rights.

  27. The only thing that is going to change something is getting young people out to vote and active. They have to save themselves by voting. Otherwise nothing is going to change. Ever.

  28. Of Course Bernies Plan is Better Than Warren's Plan AKA Pocahontas, Shes a Fruad, She Sucks and so Do Her Supporters.

  29. Why not give food stamps to everyone? If health care is a human right because we need it to live, then food should be a human right because we need it to live.

  30. Let's see.
    Professors want more money.
    Schools want more money
    Raise the price of tuition and books
    Raise it again
    Raise it again
    Raise until they can't afford it anymore
    Get the students to complain to the country
    Get the country to pay for it
    Introduce socialism and communism into the system in a way that would influence the students who will then influence the country to vote communist and thus procure a constant flow of money to the schools from the government raising taxes in which the government has been schooled in how to pursued when they went through the education system.

    Realize what a
    clusterf🤬k the educators are in trying to promote this.

    So this makes me even more vehement against giving those f🤬ks a penny.
    F🤬k communism

    Let them study at home and take a test or multiple tests and write their thesis and the rest of the whatnot to get their degree.

    Should wipe out all government assistance programs all the way around.
    Nothing free to anyone except air, liberty speech and other inalienable rights

    Ship everyone to Liberia

  31. When you get sick you die.
    When you have an accident you're crippled or die
    Do you think people would be doing all the stupid things, if they knew there was no way to be repaired.
    All the people that eat to death would actually eat to death.
    People wouldn't breed if they had to live with their mistakes

    This is what I believe except for the if you break a arm or something you get it fixed

    But in actuality why did you break your arm.
    Forced to do something against your will.

  32. Hmm,…lots trumpanzee trolls spouting off about socialism on here. You do realize that corporations operating in a record profit margin and paying 0 in taxes is socialism don’t you?

  33. I like how TYT pretends like the government is someone else. If the government pays it will be us taxpayers paying. Why should I pay for someone's student loans when I had nothing to do with it? Those students are adults and made the dumb decision to get into debt now they need to figure it out themselves.

  34. 1. The real problem here is the law that will not allow students to declare bankruptcy.
    2. If you making a 6 figure salary, you are wealthy. You are perfectly capable of paying off your loans.
    3. It makes no sense to have people who already paid there loans, paid their children's tuition, or never went to college, to pay someone else's student loans.
    4. Learn Personal Responsibility!
    5. Do not take out loans that you cannot pay back.
    6. Do not put anything on your credit card that you cannot pay off completely on your next statement.

    Gimme, Gimme, Gimme

  35. 44% of college graduate are under employed…. Just maybe pushing more college isn't the best Idea. I down with getting rid of college loan debt, but pushing college just different seem that great to me, I am very well off and I didn't graduated college.

  36. Huckabee and his daughter are supposed to be Christians yet they for some reason they don't want to see a livable minimum wage or healthcare for all YET they love giving tax breaks to billionaires? Phony [email protected]!

  37. Biden does not have my vote. Bernie has been consistent in his views and the most versed politician. He can realign our allies and has taken on corporations face to face. No other candidate has done it by showing up at stockholders meetings.

  38. We are going to watch this country tear itself apart unable to build the foundation for equality everyone claims to want because we dont want other people we think dont deserve it to get help too… Equality is a pipe dream because too many people claiming to fight for it are hypocrites

  39. Why is it that we only question the cost of programs that actually help the average person but not the corporate welfare system and the oil subsidy programs?

  40. Tax immigrants at a 2 times higher rate to pay for it.!you can expedite the process of immigration and leverage their. Contribution to society with a higher immigrant tax. You solve immigrant crisis and give immigrants a chance to provide for their families while they wait for citizenship

  41. I went to UC Berkeley in the early 70s and paid my tuition working part time. Community college at the time cost just a few dollars a credit.

  42. Why are you guys wasting your time with Mike Fuckabe’s usual line of shit. He’s a talker, a false prophet-for-profit and a big hypocrite. Anything that comes from his homophobic, 3 faced trap only deserves a grain of salt. He’s utterly disgusting. He and his man-looking daughter!

  43. Many states have decreased support in public colleges which is one factor raising tuition. Also, federal financial aid has decreased Pell Grants, but they are happy to give out loans and support the banking industry.

  44. What is the plan for people who did not go on to graduate school because they felt it was irresponsible to take on huge student loans so they just kept working hoping to save up and go some day? Suddenly others will be debt free and have a masters while others are debt free with no education all because they tried to be responsible. I would hope those who get their debt forgiven will turn around and help others get educated.

  45. Government backing student loans allowed universities to increase tuition rates to the moon. Otherwise tuition would have to be affordable or students would not attend.

  46. I just saw an ad for Squarespace. I thought that TYT was non-commercial. I guess I was a little too nieve. Thanks for misrepresenting your blog. I might go elsewhere to get news. Tell me, which candidate does Squarespace want you to promote?

  47. If we were the biggest crediting nation still I would be for universal forgiveness. But were arr one of the biggest debtors

  48. Republicans: We shouldn't have ended slavery because it was unfair to all of the slaves that served their time before the ending of slavery.

  49. why in gods name do you ppl continue to talk about this shit. Its always been this way. Its always been run by CRIMINALS.. Thats why you ppl have to take a stand for Christ sake!!!

  50. Flag burners are the most patriotic people. If you haven't ever burned a flag, or at least thought about it, I can only conclude you don't care about the state of this failing country.

  51. If you create a system the wrong way and it doesn't work because of the way you created the system what do you do? You re create a new system that works.

  52. Ronald Reagan tear this Wall down Donald Trump build this wall up, Maybe it's the system you need to recreate.

  53. If you build a system on land invasion slavery and deception and war and all the other sins that come with this evil your building the house on sinking sand that's in your scriptures.

  54. Try going to work or school on and empty stomach and from a homeless shelter and see how difficult it is.

  55. If you run around taking all the land around the globe this ain't no time to be crying broke, away with your budget and your money land property and resources already here and in place.

  56. Personally on my spiteful side but one who's not in debt I think it sucks that there are rich people who could benefit from this, however the fact of the matter is it would help people and that's the way we have to look at it. Otherwise it would be the equivalent to the masochistic Republican logic regarding public assistance, HUD, Medicare, Medicaid, voting rights and on and on it goes. The right has proven to us more than once that rationale like that is brain dead and self-defeating. It's time to be mature so we can all benefit.

  57. Mike Huckabee was and continues to be a total waste product. He benefits from corporate socialism, but he never talks about that.

    He's certainly does NOT care about his follow man, so much for being a christian. He's just another false prophet.

  58. A lot of these old fogies got where they are because of RFD's social programs that built a middle class, like opportunity to go to college, affording a life on one income with great benefits and retirements, housing, food, college, cars were affordable.

  59. this literally happened to me. I'm sure most people in america don't know this, but germany implemented university fees a few years ago. that was during the time that i went to study. so i had to pay 600euro for my first two semesters (total 1200euro). then there was so much backlash that they peddled it back, making it free for people whose siblings hadn't gone to study – me for example. even that wasn't received well, so they went back to the way the system had been before. at the time you only pay an administration fee that is decided by the school and is usually very reasonable. my uni for example takes 100 euro per semester – you can easily earn that with a student job. the point i want to make is: even though I did have to pay for something that was then abolished, it never crossed my mind to be so selfish and idiotic and say "well, i had to pay for it, so EVERYBODY should" – what a ridiculous, dumb thing. I wanted everyone to be able to go to uni for free, as it should be

  60. You should never put the burden on the tax payers PERIOD!!! This isn't a crisis!!!! This is more robbery from Socialists!!! You go to school to make more money! Now the factory worker pays for the college grad? UNFAIR!!!!!

  61. More " free government giveaways " , to forgive debts, so young people could sit and be fed liberal nonsense in institutions of higher education. No thanks, ol' man Sanders.

  62. Student loans are a GIANT scam. People with student loans PAY taxes. So, it's not "free stuff." Had bankruptcy protections not been UNCONSTITUTIONALLY removed, this would not be as big a problem. Bankruptcy looks at each individual situation because each situation is different. Like other public services, which we all pay for, education is important. Go Bernie.

  63. Mike Huckabee I served in the Military and my GI bill did not even cover my dorm rent. I had to go 58,000 in debt to graduate and I am still paying off student loan debt at age 50. I can't even buy a home because of student loan debt. The VA told me all my student loans have to be paid off before I could buy a home WTF. Step outside your bubble and come to real world

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