Elizabeth Warren’s Plan To Cancel Student Debt Helps the Well-Off

Elizabeth Warren’s Plan To Cancel Student Debt Helps the Well-Off

“Hardworking people are up against a small
group that holds far too much power. Not just in our economy. But also in our Democracy.” Elizabeth Warren likes to say she’s a champion of the little guy. But she recently announced a major policy
proposal that would provide more than a trillion dollars in aid that would disproportionately
benefit the relatively well off and well connected. “We are going to roll back student loan debt
for about 95% of students who have debt.” The idea is to eliminate debt up to
$50,000 for people with household incomes under $100,000. And more limited debt cancellation for households making between $100,000 and $250,000 a year. By her own estimates, the full plan, which
also includes funds for Pell Grants and historically black colleges, would cost about $1.25 trillion. “This is about opportunity for everyone.” But the nature of college attendance and student
loans means that Warren’s loan forgiveness plan is actually a massive giveaway to the
relatively well-off. Only about a third of people over 25 have
a college degree, making them a comparatively elite group, whose elite status is reinforced
by, among other things, the connections they make while at college. College graduates earn about $1 million more
during their lifetimes than non-college graduates, according to a Georgetown University study. A separate study from Pew found college graduates
typically earn about $17,500 more annually than people who only had high school degrees. College graduates aren’t, for the most part,
super rich. But generally speaking, they are far more
comfortable than the majority who lack such degrees. And while many of the people who would benefit
from the plan currently have modest incomes, that’s partly because many of them are young people with relatively high future earnings potential. This is a plan that would spend taxpayer money
to benefit them. Warren’s defenders might respond that it’s still a downward transfer, since the whole thing will be paid for by a new tax on the super wealthy. There are, however, a few problems with using
a wealth tax as a financing mechanism. The first is that the tax might not be constitutional. Even if it is, another problem is that it’s
likely to raise far less money than projected. That’s why most countries that have tried
wealth taxes over the last two decades have abandoned them. The third, as the The Washington Examiner’s
Philip Klein points out that, is that Warren has also suggested that this same wealth tax could be used to help pay for a whole slew of other progressive policy ideas. Those include Medicare for All, the Green
New Deal, and subsidized child care, which, all together, would cost tens of trillions
of dollars—far more than even the most generous wealth tax would raise. “I’m tired of a Washington that works for
the rich and the powerful. I want a Washington that works for the rest
of America. That’s why I’m in this fight.” Ultimately, what Warren wants to do is tax
the wealthy to help the merely well off, rather than prioritize programs that help the truly needy. Warren isn’t helping the little guy—she’s
helping the folks already on top stay that way.

100 thoughts on “Elizabeth Warren’s Plan To Cancel Student Debt Helps the Well-Off

  1. It’s bad enough real estate owners have to pay tax on property they already own. No fucking way I’m going to allow government to legacy tax the rest of my property

  2. EW is an empty headed socialist throwing candy at the crowd making promises that the American taxpayers cant possibly afford,,, who pays for all these plans??? FREE tuition/health care/guaranteed income (even for those unwilling to work),,, NONSENSE!!!! I for one do not want to pay sky high taxes for another person's debts! Why do people listen to EW and Bernie and AOC and the other socialists?? Their plans are insane and would bankrupt our country just like Venezuela and all the other countries that have tried 'socialism',, IT DOES NOT WORK!

  3. Throughout history it's always the plebs trying to get their loans forgiven so they can go and wrack up more loans.

  4. There are many people who can afford to pay back their student loans yet a "forgiveness" policy lets them hold on to their loans instead of paying them off. This policy should apply to those who can't pay their student loan debt as they just end up paying interest their whole life are the people who need it. When those who absolutely need a benefit and don't get it while others who don't need the benefit get it especially when it comes to the forgiveness program that totally failed and should be replaced with ordinary bankruptcy.

  5. Lie-awatha needs to be shipped to Venezuela.

    My wife worked a full time job including overtime and went to night school to get her accounting degree. Granted her company helped with the tuition as it was to the company's benefit in the long run; but she had to pay too. She gets pissed off when asswipes like Warren propose forgiving student loan debt and 'Free Tuition.'

    It's too bad a borrower's education can't be repossessed or foreclosed on like a car or house for defaulting on a student loan.

  6. You should have talked about the makeup of university students as they also disproportionately come from the upper classes. In Australia I know children from the top 10% account for 20% and the bottom 50% only account for a third, it could be even more screwed in America due to the greater disparity in school funding.

  7. Considering this is Warren, I would have thought maybe she would have taken just 15% percent of the military budget and used that to fund progressive policies, no?

  8. As someone with about 50k in loan debt, I would much rather see our broken Welfare system reformed into UBI or our FAFSA loan guarantees cancelled going forward than receive a bailout.

    The former incentivises people to pursue entry level jobs and trades, and the latter will gradually but inevitably slash the price of college by up to half.

  9. What about just cutting the interest in half on these loans? If you have complete debt forgiveness on something then there is no responsibility upon the purchaser.

  10. I'm not in favor of cancelling student debt, either, but you shouldn't base the argument on people with college degrees. A lot of people gave up before finishing their degree, but the student loan debt is still there. And isn't there some way to find out the average income of the people who actually owe on student loans instead of just saying that on average, people with degrees make enough money that they could be considered relatively well-off?

  11. Why does forgiving student debt sound so much better than dividing the total cost of that program by the number of college grads and sending each that amount of money?

  12. Why is this video comparing everything to college graduates like everyone who has student loan debt actually graduated? Poor show reasontv

  13. I'll one up her. I'm running for president and I'll give you free homes and a free car. Vote for me!

  14. So Pocahontas is against the Obama era policies that made student loans a federal debt scheme and now she’s against the problem she helped create? Better print more fiat money you old cunt!

  15. But also I definitely wouldn't say no to having my debt paid off. I'll be supporting a candidate that's pushing for student debt forgiveness. You can call that short-sighted or selfish but our system is short-sighted and selfish, and a well-timed policy implementation could mean I'm free of tens of thousands of dollars of debt once I graduate. Why wouldn't someone my age, for whom this will shortly their priority, not be in support of that?

  16. This video is BULLSHIT. I am a college graduate. I am $60k in student loan debt. My payments are $350-$400 a month. I am on food stamps. I cant afford rent. I struggle to find work that pays enough to survive on. I drive an old vehicle with high miles. I dont take vacations of do anything that costs money. Her proposal would help me immensely! I am poor, i am not well off or finamcailly privledged. This video is trying to put a false spin on her progressive plan for the poor and struggling college grad.

  17. When taxes are cut for EVERYONE, the MSM makes sure to ONLY refer to it as a tax cut for THE RICH. And here we have government benefits for the rich, but the MSM is going to be predictably mum.

  18. I'm beyond tired of whenever politicians come up with a way to increase taxes, they ALWAYS target new handouts and NEVER reducing the national debt.

  19. Currently working full time and paying cash for my accounting degree, with no financial aid. I 'm going to an in-state public school. I see those kids parting in college and I'm supposed to bail them out later? Get out of here.

  20. if they wouldn’t have subsidized college I would need my frigging student loans to be forgiven

  21. When ANYONE signs a CONTRACT to Borrow 'anything' …YOU know the RISK and that 'you' will be REQUIRED to PAY YOUR DEBT. Why do you, a Supposedly Educated person, think its OK for Someone Else to pay 'your' Debt?

    How many times in the PAST has this been proposed And it has NEVER HAPPENED…because it WON'T…the Government WANTS it's MONEY.
    Not going to happen.

    We pay TAXES the Government WANTS your money. Blame the Government …it's Theft by Taxation!

  22. Get that debt in half with 2% interest. Everyone will be ok with that. Stop selling impossible plans

  23. Wouldn't cancelling student loans hurt the United State's credit rating? Student loans make up ~35% of the US government's assets.

  24. President Dwight David Eisenhower, perhaps the last real Republican,
    had a 90 percent tax rate for the super rich during his administration.
    Eisenhower explained it this way: The super rich could avoid the high taxes by investing their money in things that make America stronger. If they wanted to avoid high taxes, he said they could invest in business expansions and higher employee wages. They could give a million or two to tax-exempt non-profits that feed, house and clothe poor people of America, among other things.

  25. So she says a small group of people ( insinuating wealthy businesses) hold too much power and her answer is to give more power to a centralised government which in of itself is an even smaller group of people who have more real power than any of the wealthiest business people ever can have.

    The wealthy spend time and money to lobby and often in not so favourable ways government to act in their behalf. But Pocahontas should know an overly empowered govermment lobbies nobody to do whatever it wants to do.

    Shure every 4 years it has elections but between these elections an overly powerful govermment who she wants the be potus of has near all mighty power and idiots want to vote her in and give her more power 🖕😡

  26. You want real debt forgiveness? It's in the Bible. It's called a jubilee (and the sabbatical years). In that law, all debts are forgiven, no questions asked, no subsidies, and it's not taxable income. You just stop the collecting of payments. Next to impossible today, but it is what it is.

  27. This video is total bs, although it does make good points it is omitting many aspects of why we as a society need access to higher education.

  28. She's a nut !! And anybody that votes for her should see a doctor.It was a scam between the colleges that needed to increase enrollment by lowering the admission standards and offering student loans to anybody that could sign there name with X. then the government printed money and guaranteed the loan.The colleges all ready have there money so our stupid government is left holding the bag Now they want the tax payers who paid for there own degree pay for someone else's. What planet is she from ?

  29. At this point, I can't decide if I should vote for the libertarian party or vote against the democrats.

    The enemy of my enemy is my friend?

  30. This video's argument assumes a false premise: that a college benefit primarily supports the wealthy or well-off.
    First, the benefit is intended to allow more people to attend college, so it is not limited to the wealthy, as it is now. Duh! How can ReasonTV not figure that out?
    Second, a college-educated populous benefits the country as a whole. Duh! Public support of education, from kindergarten on, is NOT about the students, it is about the country. There is absolutely no other reason to have public support of education. That's why so many of the other industrialized nations support college education. They want to stay competitive on the planet and not have to depend on embroidered slogans that only pretend to greatness. The arguments in this video will assure that only the wealthy go to college and the country be damned.

  31. I can't help but think about how prophetic Alexis de Tocqueville was nearly 200 years ago when he said "The American Republic will thrive until the day that Congress realizes it can bribe the American people with their own money"

  32. college is easy, don't get stupid degrees. Gender Studies, Feminist Lesbian Dance Theory, and Fine Arts aren't good degrees and you wont get a job afterwards.also there are ways to pay off college debt1) you can teach in low income and needed areas and the govt will forgive loans in 7 to 10 years or2) police, firefighter, emt or military service of 10 years will be considered public service work and your loans will be forgiven

  33. They would never forgive the debt, they are just using this as a way to bring out the college age kids who are yet to take on this debt and those who already have and don't already vote Democrat….

  34. This is a dumb and cynical take. It assumes everyone with heavy college debt has a degree and/or has good prospects for attaining a high income career…it also pits different rungs of the proletariat against each other in order to protect the ruling class.

  35. Bad underlying premise. The student debts are there because the Feds caused the runaway inflation of college debt. The idea that this ONLY helps the "Well-Off" fails to follow the money. Those graduating college are the most likely to produce both resources and additional jobs for the marketplace. That means if these graduates aren't fighting debt then they're much more likely to open small businesses that provide 75% of the jobs in the US, provide competition, and bring prices down. Those who are not well-off already have the myriad of federal programs that allow them to attend college for free providing that they can handle the studies.

    The people this helps the most are neither the poor (who go free with federal aid) nor the well-off (whose parents typically keep them out of debt); They're the numerous people in between. Those whose parents earn just enough that the federal programs exclude them from assistance but whose parents can't afford tuition – especially for multiple kids – that equates to half their parents income before taxes per child.

  36. Classic democrat policies. Say you’re going to help the little people in need and all the while it just keeps them held down. Same thing happened under Obama and happens every single day here in southern CA. I just got hired for a new job and the other candidates while we were waiting to be interviewed said one by one they desperately needed a job. I’m doing pretty well but certainly they’re not and agree the system is being rigged against them because of democrats.

  37. I can't understand why many in the democratic party can't see that this woman is a gigantic fraud. She's proven she is not really Native American and she's peddling something that is constitutionally unacceptable.

  38. That's not fair to the people who couldn't get a loan, or decided against going into debt to get an education!!

  39. okay, well you eliminate their student debt and guess what? they go back in debt again, this time when it comes to buying houses, cars, and other fucking garbage they cannot afford.

  40. I'm so tired of seeing articles from the legacy media about how terrible student loans are. It almost is like people never signed off on such a commitment. If I couldn't of paid my University in cash I would of never gone.

  41. Will there be any debt relief for people buying houses? How about credit card debt? Will people who made the decision not to go to college be getting a $50,000 relief check? Warren is just pandering for votes with this ludicrous idea to cancel student loan debt. I paid mine off. These morons who have taken on a ridiculous amount in student loan debt should have to pay their debt off also.

  42. A lot of this debt is due to the fact that many of them can't manage their finances. Why the hell should I pay for some assholes human resources degree.

  43. I am a graduated student-athlete. I received a scholarship three of my four years at university. The debt sucks, but it's an agreement I entered and I have to pay it back. No matter what I think of college education or the NCAA. I am about 75% cleared of $40,000 of loans. This video has a valid argument. I only recently came across that survey that only 33% of people over 25 have a college degree. A bailout like this would definitely benefit me. Don't think I could get behind that reason at all.

  44. When you cheapen college you make value of a degree worthless. It should be illegal for canidates using buy votes with future promises payouts.

  45. If you go to college and get a useless degree such as philosophy or gender studies, you deserve the debt. That's like deciding to buy a $50,000 car to drive to work only to realize later that it would have been quicker and cheaper to just use public transportation. The only jobs you could ever hope to get with those degrees are either low skill jobs, or teaching jobs tricking other young fools into spending oodles of money on useless degrees in a vicious cycle.

  46. Her plan will result in colleges raising their tuition. What's wrong with earning your tuition up front ? Oh, that's right – lefties don't have to earn as they are "deserving". For the rest of us menials, there are summer jobs ,night jobs, and the big five: Army, Navy, Air Force, Marines, and Coast Guard. If kids had to earn their money up front, they would make better academic choices, have realistic expectations about life, and make better employees.

  47. Yeah, Robin Hood taxation policies never really work out well, but the idea that this tax helps the "wealthy" is misleading. Earning a wage 75% more than your neighbor sounds like a boast, but if he's a server making $2.50/hr, you're only being clever about rephrasing your minimum wage job.

    The middle class is the golden goose of the economy, providing everything from massive tax revenues to upward mobility for the lower class. This policy seems a bit misguided, but I'd like to see more policies that attempt to bolster it rather than kill it.

  48. I dont agree with the whole "it follows you after bankruptcy" Applying for a loan that you plan to pay off with money you currently aren't making is inherently risky. The Market would show this with a limited loan approval and higher interest rates. But, the market is hyper inflated because Big Brother Government decided to Subsidize and guarantee these loans. so there's Zero risk on the lenders part. and a guaranteed income stream on the schools part. Its a win-win for the universities who can increasingly overcharge for their product, and the banks who can approve risk free loan after risk free loan. Get the government out of higher education. remove the loan guarantees. let the market sort it out.

  49. This assumes that the people with student loans debt actually earned the degree. Often that’s not the case.

  50. American colleges and university are already Markist-making factories. To hell with paying for people to become little authoritarians. To hell with paying for a bunch of kids to become professional useless people, like protestors and agitators. To hell with paying for people to disregard every fundamental American right, spit on our customs, and promote America-hating ideologies.

  51. Who's going to pay the bank's back… not me! Not with my tax dollars! I like Elizabeth Warren, but I specifically will not vote for her because of this plan!

  52. So I decided to get a trade, the govt takes taxes from me now so these kids can get a gender studies degree or art history and they realize they cant get a job with that. So now they get a pass for being stupid?! Heeeeeeeelllll NOOOO!!!!

  53. She is literally trying to use other people's money, taken from them against their will, in order to buy herself votes.

  54. Education is a privilege but people who are well-off don't need loans — which are taken on the hope a degree will help them pay loans back + interest. We know there are so many who've not made more $$ and even less well-off afterward .

  55. Where does $$ come from? Banks can forgive them & consider themselves paid by the bailouts. Free college, Medicare for All & GND by eliminating hateful scapegoating of immigrants, taxing corporations as they should be for using the infrastructure we've provided for OUR use,, and quit giving the pentagon blank checks for what blood-thirsty warhawks spin as "defense. Repeal the $1.2 TRILLION tax cut for the 1%.

  56. If she eliminates college debt, then I want the thousands of dollars that I spent sending to university reimbursed. I’m assuming that I would also be responsible for paying off this student debt.

  57. Actually, it wouldn't help anyone. Why do you think they have signs at National Parks saying "don't feed the animals"? People need to learn how to take care of themselves.
    God bless America
    God bless President Trump
    Trump 2020 – See Clearly

  58. How about SHE pay off someone’s debt with her Pocahontas money?

    When all these idiots that talk out of giving away OUR money, they should all put a majority of THEIR ill gotten gains toward this handout. I didn’t go to college because I couldn’t afford it. If I go buy a new car, are they going to pay off my loan when it’s a financial problem of MY making??

  59. Oh, because YOU made a stupid, selfish decision….and it backfired…. I'M SUPPOSED TO COVER YOUR AZZ?!! great logic.

  60. A lot of responsible parents saved adequately and paid cash for their child's college expenses. If student debt gets bailed out, what is that promoting???

  61. Boy, what a stretch this video was. You say that student loan forgiveness only helps the rich, then go so far as to say the majority are not well off. Which is it reason? Oh, you say that it only helps the rich because those people going to college have a better opportunity to become rich. You are gonna tear a hamstring stretching that far.

    That's not to say I agree with her plan. It's stupid as all hell but there are a ton of ways to attack this idea that doesn't put some much pressure on your groin.

  62. I wouldnt mind a single term of Warren for a college debt rebate. Hopefully the horrific policy of taxing wealth and inflating cost of college will end by the time med school is over. 😁 or I'll go off-grid where taxation cannot find me.

  63. Hey man who ever you are, your point is not one hundred person right, I hope she really mean it, that she will forgive student loan when she become a president, I hope she keep her words, you don't have idea how real people are suffering from student loan, instead of bringing your assumption based on statistic, why don't you look around for real people who are struggling to pay student loan, find those people and interview them

  64. LET'S NOT ASK WHY COLLEGE IS SO EXPENSIVE. LET THE GOVERNMENT PAY FOR IT. THEY'RE HERE TO SAVE US!!!! 🙄🙄🙄🙄. Sorry I have $35k left in student loans but I did sign a contract to pay this money back and I plan to. No one aside from me owes that money. I don't need the "super rich" to pay my bills.

  65. It helps the middle class and poor. It doesnt help the ultra rich because they have to pay extra just to get their dumbfuck kids in.

  66. 44 million voters hold this debt, she's just pandering for that vote, it's a no brainer for her. She's helping herself to votes paid for by other peoples wampum.

  67. This video is BS. Having a degree doesn't make you an elite. Are people right now sleeping in their vans what degrees.

  68. It's interesting that people complain about how much education cost when gov assistance is needed… Yet NOBODY complains about how much the military is costing the Taxpayer… Up in to the Trillions and no one is complaining….

    So, the military is more important than Education???… Starting a war and spending even more money is more important than Education???… Our priorities are wrong here people….

  69. "Hard working people are up against a small group who hold to much power…" Say that again, say that again and then look at yourself, look at yourself Elizabeth, and realize what you are.

  70. This is a fake giveaway. That debt is insured by the government, and everyone always knew that these people will never repay them. Whether it's this "plan" now or personal bankruptcies later, it's government debt in disguise.

  71. She says cancel student loan debt, now she says economy is going to crash! If she's elected it prob would! 🇺🇸 TRUMP20 🇺🇸

  72. I worked at Burger King from 1985-1991, and paid 1/2 of my way through school. My Dad (now 88 😊) helped me as well. Thus I lucked out and had 0 student loans. Student debt can be daunting but they have 50+ years to repay it. Taxing me and my Dad is unfair because we don't have as many years on our side. That's why I think Elizabeth Warren's proposal is not entirely fair.

  73. We do not need the wealthy to pay our debts, but we do need the government to stop committing treachery against it's citizens! 43 million of us connected by $1.6 trillion…
    I have been paying for over 22 years on a $17,500 / 8% student loan. I have paid over 3 times what I borrowed, but I still have to pay almost $200 a month for the next 15 years before the PHANTOM "debt" will be cleared…that's another $23,000. I will be 62 years old, paying almost $80,000 on a 37 year old loan…except I can't afford to pay $200 a month for the next decade and half. I have never broken the law, but my government will continue to break me until I'm dead! There should be a MERCY DISCHARGE for people like me…but getting mercy from our government…hopeless, because we are a hardy phantom A/R list for them. An asset to counter their deficit, and not an asset they are willing to give up easily. The DOE needs to take responsibility and admit what they have done to its citizens. DON'T GET A FEDERAL LOAN. DON'T DO IT. EVER. It is making a deal with the devil.

  74. Its always these wealthy populists who want to pander to the millenials.
    Also, when they mention the green new deal i wanted to die. Fuck socialism, fuck regulations.

  75. It's about stimulating the economy and helping everyone, unlike the bailout that funded all those major corporations that rewarded CEO's with million dollar golden parachutes for driving them into the ground. Now these same wall street fat cats are opposed to giving back? I paid 90% of my school and still think this is a great idea. I dont expect my money back or a pat on the back and you shouldn't either! This will be the most impactful legislation ever to pass and boost the economy far more than anything else..

  76. What if we cut our insane military spending by a few hundred billion per year and used that for things that are actually useful to American lives, like education and healthcare? Why are people ok with continuing to increase military spending, but free college is "too expensive" and "socialism"?

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