Rep. Ilhan Omar (D-Minn.) claimed that student debt is not the result of poor financial planning but rather the fault of stingy Wall Street workers who don’t want to foot the bill.
Omar, along with Sen. Bernie Sanders (I-Vt.) and Reps. Pramila Jayapal (D-Wash.) and Alexandria Ocasio-Cortez, (D-N.Y.), held a press conference on their proposed legislation that would cancel the student debt of as many as 45 million Americans.
In total, Sanders’ bill would cover $1.6 trillion in student loan repayments for students who took on debt to get their degree. This repayment would be made by placing a tax on stock, bond, and derivatives transactions, which could rake in as much as $2.2 trillion over 10 years.
The bill does not address the ever-rising costs of tuition at universities, instead only focusing on the debt that exists today. – READ MORE