Sen. Bernie Sanders proposed legislation on Monday to eliminate tuition and fees at all public four-year colleges and universities, community colleges, trade schools, and apprenticeship programs, according to a press release. The proposal would also eliminate $1.6 trillion in student debt for 45 million Americans.
The proposal was released in conjunction with Rep. Pramila Jayapal (D-Wash.) and Rep. Ilhan Omar (D-Minn.) — amidst Warren gaining momentum with plans addressing societal and socioeconomic issues.
“There is a crisis in higher education, at a time when a postsecondary degree is more important than ever,” Jayapal said in the release. “A college degree should be a right for all, not a privilege for the few. What’s more, our student debt crisis is oppressing borrowers of color, shutting them out from the benefits American higher education can and should offer."
The estimated $2.2 trillion cost of this bill would be paid by a tax on Wall Street speculation. The release explained members of Congress proposed imposing a small Wall Street speculation tax of 0.5 percent on stock trades — 50 cents for every $100 worth of stock — 0.1 percent fee on bonds, and a 0.005 percent fee on derivatives; which would raise the cost to $2.4 trillion over the next decade.
The plan is mostly comparable to Warren — who released her version earlier with Rep. Jim Clyburn, to eliminate up to $50,000 in student loan debt. Warren’s plan proposes debt relief to 95 percent of student borrowers, and the elimination of student debt entirely for 75 percent of borrowers.
“The student debt crisis is real and it’s crushing millions of people, especially people of color,” Warren said in a statement. “It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”
Recent polls have shown Warren and Sanders are battling for second place in the 2020 primary, behind former Vice President Joe Biden. With primary elections are months away, Sanders and Warren would need to push past Biden to be declared the Democratic nominee.