Sen. Elizabeth Warren, a socialist from Massachusetts, has also proposed a plan for free college tuition along with the forgiveness of many student loans. However, Warren’s plan has caps and limits on how much it would forgive.

Sen. Bernie Sanders, another socialist from Massachusetts and northern neighbor of Vermont, also has a plan to introduce legislation that calls for free tuition and forgiveness of student loan debt. Sanders’ plan goes beyond that of Warren, in that he wants not only free tuition at all public junior colleges, colleges and universities, but he also wants free college fees and the forgiveness of ALL outstanding student loan debt.

It is currently estimated that current student loan debt is about $1.6 trillion. It’s easy to say POOF and the debts are forgiven, but finding a way to repay the institutions who loaned the money is still necessary. You can’t just tell them to wipe those loans off your books and absorb the financial loss. It’s not that easy nor is it legal.

I heard one national newscast say that Sanders proposes to pay off the outstanding $1.6 trillion of student loans by placing a tax on Wall Street, which he claims would generate enough to pay off the loans in 10 years.

Oh yeah, Wall Street has tons of money and can easily afford to pay the additional taxes, right?

WRONG!

Who makes up Wall Street?

The companies that employ millions of Americans. Those companies are not going to just roll over and pay the additional taxes out of their profits or their savings. Oh no. They will pass that tax down the line by cutting the workforce and/or cutting hours and benefits of workers. Additionally, they will pass that tax on by raising prices on their products and services, thus driving inflation higher and higher. Gee, isn’t that what socialists did in Venezuela? And look at their situation now!

Socialist Democrats like Sanders and Warren keep talking about making corporations and the wealthy pay their share and the need to drastically raise their taxes.

THINK ABOUT IT!!!!

When Trump LOWERED corporate taxes, many jobs were created and tens of thousands of workers saw raises. Corporations (which involves Wall Street) paid less federal tax per unit, so they hired more people, increases hours and benefits and in the long run, still paid as much if not more in taxes because of the increased business. Unemployment for black and Hispanic Americans is at an all time low. The unemployment rate for female workers is also at the lowest it has been in many years. The overall unemployment rate is lower than it has been in years and it’s largely due to the Trump tax cuts.

It only makes sense that if the taxes are drastically increased, the exact opposite is true. Many companies and corporations will cut jobs, reduce hours and benefits, leaving many Americans out of work and underpaid.

This alone will result in another economic recession, probably worse than the one we just recovered from.

Don’t forget that Sanders, Warren and others also want free healthcare for all. That is estimated to come with a $30 trillion price tag over 10 years, or $3 trillion a year. Add that to their student loan forgiveness and free college, which is NOT part of that $1.6 trillion figure mentioned above and you end up with complete economic collapse of the United States.

31 thoughts on “Wiping Out Student Loan Debt Will Also Wipe Out Many Jobs”
  1. If you insist on putting labels on everyone you don’t like, at least get the labels right. Elizabeth Warren is a Democrat Senator and Bernie Sanders is an Independent Senator. Yes they are both Progressive and Bernie considers himself to be a Democratic Socialist. None of these labels are the same as Socialist which you use because most Americans wrongly equate that to Communism. How would you like it if every time there was a discussion about Republican Senator Mitch McConnell, the preceding label was Fascist or NeoCons Warmonger. Truth and facts matter in journalism and it should in blogging as well.

  2. But they are the true definition of a Socialist, promise everything for free, raise taxes to pay for it (in theory) and finally run the country into the ground. That my friend is SOCIALISM!

  3. I couldn’t agree more, Mike. These feeble Socio_Democratic GIVE-Away programs ALWAYS initially sound great, esp to the prime beneficiaries…Until one begins to critically analyze WHERE THE FUNDING IS GOING TO BE OBTAINED. IT IS JUST VOTE BAIT!!!
    But because these genius candidates want to hand out FREE STUFF, … LET’S BE SURE “TO MAKE IT FAIR”…By ALSO GIVING EACH TAXPAYER (WHO HAS NO OUTSTANDING LOAN,)THE VERY SAME ” CASH BENEFIT” in the form of a check from Uncle SAM. DON in Texas

  4. How does that square with Socialism for the rich.? Keep the profits and socialise the losses. That worked really well. So your definition of socialism is bunkum. Also taxes at the federal level do not pay even a dime towards spending and that goes for the military as well as pensions. Sanders and Warren are proposing a good thin=g for America. and NOT ONE TAXPAYER DOLLAR IS USED, NOT ONE! but the spending will be boosted by retiring the debt and allowing more spending to boost the economy. Also it’s easy to wipe the debt which is all held by the government, A few keystrokes and all done!
    As for loss of jobs that happens all the time as technology grows and work changes. It is said 50% of today’s jobs will be gone inside 20 years,Yet we manage. Look at all the farmworkers who had to move to town.Is that a burden today?

  5. If the debt was truly held by the federal government ONLY then maybe you could wipe it out with no side effects BUT the debt is sold to the public directly or indirectly so there would be a big loss that the individual people of the US or other nations would suffer as the debt is repudiated. As for as not one taxpayer dollar being used what are you referring to. If it’s wipi out the debt then the people will lose If you mean the free college,free medical care, then just exactly who will be paying for those services
    If taxes at the federal level don’t pay a dime for spending what do they do?

  6. The SOCIALIST type of government is NOT the one MOST citizens of America really want and the worst government for MOST American citizens .
    IF those IDIOT DEMONcRATs want a Socialist government because it lets them to open our government to any REAL enemy that wants to control everything American and to destroy everything America so they can just make America into their own style of government and their constitutional power to control and everything that Americans built over time.

  7. This try to get ALL student loads PAID off is like making ALL loans to be paid off because those students KNEW what they were doing to actually make those debts because they have to KNOW how much debt they actually would have to pay back to the lenders and if they can NOT do it then they have to KNOW enough to get a good paying job so they can actually pay back those college loans without having to make the employeesa of those loan companies to get FIRED because those students might just go BANKRUPT. because of their inability to find a job they could do and to make the money they need to pay back the funds they racked up .

  8. As to “Medicare for all,” remember Medicares financial status is not good. And Medicare serves only a small part of the population and has premiums, copays, and deductibles. Bernie wants to have it cover everybody, and have none of those things. It’s just not possible, even if we triple everyone’s income tax.

  9. Wow!!! It takes my breath away when I hear any politician in this country talk about free college and university tuition. Another stepping stone to move the USA closer to Socialism. Stalin’s Russia, or former Eastern European Blocks anybody??? In the 1950’s, the late Harold Laski, Professor at the London School of Economics already admitted when he said that the difference between Socialism and Communism is that Communism is Socialism in a hurry!
    It is a long planed necessity for the world dominion plot to completely take over our entire school system , another stepping stone to centralize power and make individuals completely subject to those who control the centralized power , thus nullifying ones independents and decision making.
    In “Socialism Unmasked” A.N. Field explains how modern Socialism dates from Febr. 23, 1948 when the Communist Manifesto of Karl Marx ( original name Mordecai) was flung forth on the very day the French Revolution began. It was followed by the greatest monetary crisis in 1847 ever known and felt throughout all of Europe.
    World dictatorship is to be secured mainly through Socialism, Communism, the Financial System, the World News Distributing Agencies, and the United Nations World Government, all of which have as their objective the centralization of power. It begins with the indoctrination of our children from Kindergarten on.
    Those who don’t know history will surely repeat the same mistakes.

  10. The government makes no money, they only spend. How are they going to pay for these programs? All of the money the government has comes from Tax payer’s. Warren and Sanders said they will raise tax’s. Who is going to reimburse us for the money we paid for my college, my wife’s, and my kids. I worked hard to pay of the student loans and didn’t see anyone forgiving my lone. If the reparations passes I should be reimbursed.

  11. But, what will keep the corporations from shutting down or leaving the country? If, they can not make a profit? I think the heads make too big of a salary but I also know corporations are not in the business for fun what happens to the jobs they create if they leave or shut down then we no longer have a big tax base from them. Who is to pay the bills The people the whom they are saying they are helping? I wonder how many of those politicians have ever run a corporation? Just wondering.

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