Ilhan Omar wants Wall Street to pay off all $1.6T of student debt, even for wealthy

by Paul ConnerFOXBusiness
September 30, 2019

Rep. Ilhan Omar wants to cancel all $1.6 trillion of public and private student debt and pay for it with a tax on Wall Street transactions.

“As someone who’s part of the debt generation, I wanted to make sure that we were creating a proposal that would alleviate the kind of stress that people are dealing with,” the 37-year-old Democrat from Minnesota said during a panel discussion on BET earlier this month.

She repeatedly called it a “simple” cancellation during an interview with host Angela Rye on the “Young, Gifted and Broke” special, meaning there would be no testing for whether someone is financially able to repay the loans.

“We had the opportunity to bail out Wall Street, and now Wall Street gets the opportunity to bail out the American people,” Omar said.

Under the plan, someone with a medical degree would get bailed out just like someone with an arts degree, despite the vast difference in estimated lifetime earning potential.

Her plan, which is supported by Rep. Pramila Jayapal, D-Washington, and Sen. Bernie Sanders, an independent from Vermont seeking the Democratic nomination for president, would tax stock trades at 0.5%, bonds at 0.1% and derivatives at 0.0005%.

Sanders claims the taxes would raise $2.4 trillion over a decade, though the nonpartisan Congressional Budget Office has yet to release an estimate.

“This debt isn’t a rich-person problem,” she said. “Trump and Trump’s children are not benefiting from this cancellation. They don’t carry student debt. Most of the people who carry student debt are the poor and the middle class.”

2 Comments - what are your thoughts?

  • Arizona Don says:

    The government should NEVER have started making federal guaranteed loans to students. Many had no idea what paying a loan back entailed. Because they never had such a responsibility before. They do now and many if not most can’t even get a job with whatever useless degree they got while in college. I have a couple grand children who are experiencing exactly that right now and they will be paying those loans for many years to come right along with their parents who really should not have to be put in such a position. But they do share some of the responsibility for allowing their children to accumulate such worthless debt.

    Furthermore, when the government got involved and made money easily available to these students the colleges and universities began raising rates because they could get more money after the government got involved and it was so easy for the students to get. However, that is what always happens when government gets involved. Prices go up! Another good example is the ACA.

    Government never fixes problems because it, in nearly every case, is the problem!

  • exoticdoc2 says:

    Only a liberal moron like this muslim would suggest that personal responsibility be abandoned. The students took out the loans, it is their responsibility to pay them back. I payed my student loans back and I am tired of paying for everyone else’s crap in this country and I am certain a lot of other people are too. I might be able to retire someday were it not for the gummint stealing so much of my earnings only to waste it.

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