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Democrat Elizabeth Warren's $ 1.25 trillion plan to cancel existing student loan debt and free up universities has been described as a "radical bailout for the middle class" and a regressive gift for the rich at the expense of poor.
"His latest big idea – eliminating huge student debts and freeing public universities from tuition fees – is not a good idea," the Washington Post editorial board wrote on Tuesday.
"His last big idea – eliminating huge student debt and making public universities free of tuition – is not a good idea."
CANCELLATION OF $ 640 BILLION WARREN DOLLAR STUDENT LOAN ON EQUITABLE SPIRIT IN RESPECT OF STUDENTS PAID THEIR DEBTS
Warren unveiled on Monday the ambitious plan, vowing to cancel virtually all of the student loan debt of 42 million Americans and introducing a tuition – free college, for a total price of About $ 1.25 trillion over 10 years, including a one-time cost of $ 640. billion to cancel the debts.
According to the proposal, each student's student debt would receive $ 50,000 in relief if household income was less than $ 100,000. Higher incomes would also be eligible for massive debt reductions, while only households with incomes over $ 250,000 would benefit from any reduction in their student debt.
However, as the editorial states, spending more than $ 640 billion to help graduates who do not repay their student debt at a lower rate than today is at the expense of those who do not attended university and who benefit the country better.
"What could be unfair is debt relief, excluding other priorities that offer broader benefits, including for people who have not gone to college," the board wrote. "Mrs. Warren is proposing a wealth tax to cover the cost, which would no longer be available for alternative or even incremental uses."
"What might be unfair is debt relief that excludes other priorities that offer broader benefits, including for those who have not gone to college."
WARREN WILL NOT TAKE ACCOUNTING UNIVERSITIES FOR STUDENT DEBT CREDIT PROBLEM: COLLEGE TEACHER
At the same time, the newspaper claimed that the university did not provide tuition fees enjoyed only "high income" in the country, because the children of wealthy parents would now be able to finish their studies without any debt even if their parents "are perfectly able to help cover the costs" of a for-profit school.
The commission then praised Senator Amy Klobuchar, another 2020 candidate considered a more moderate candidate, for reporting at an event in New Hampshire that she could not follow Warren's plan because it was unrealistic.
"For us, however, the political priority is the key concern. Loan defaults on student loans are concentrated among students who attended for-profit institutions or who accumulated small loan balances, but who later gave up and were forced to repay this money with higher incomes. weak than expected, "wrote the council.
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"These are the toughest problems for students and families of color, as Ms. Warren correctly pointed out. This requires a focused approach that relieves the worst financial stress of the least able to manage it, not a generalized bailout for the middle and upper classes. "
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