>>Bernie Sanders has outlined his policy proposal for
student loan debt forgiveness and it is the most aggressive of the Democratic candidates
so far. Even more aggressive than what Elizabeth Warren
has proposed and I loved what Elizabeth Warren proposed. I like this more and I’ll tell you why. So first, here are the details. He’s proposing the federal government pay
to wipe clean the student debt held by 45 million Americans, including all private and
graduate school debt, as part of a package that also would make public universities,
community colleges, and trade schools tuition free. Now some people hate that because they feel,
well, there’s two reasons. First, there are people who have already paid
off their student loan debt and they’re thinking about how unfair it is to them. Okay, the second group of people think, well,
why are we gonna forgive student loan debt for wealthy people? I have news for you. Most wealthy people do not have student loan
debt. They’re not crippled by student loan debt. But also this is part of a strategy that I
think is gonna be more effective because the universal nature of this allows for more people
to back it, right? If you just shave a small group of people
who would be forgiven or even a sizable group of people who would have their student loans
forgiven. Well, then there are others who are not included
in the legislation who would be angry, upset, left out, you get the picture. And then who decides what the cut-off is for
student loan debt and how wealthy you are. So I think that this is actually a more simplistic
system and I want the student loan debt wiped clean.>>Yeah, so all the successful programs include
everybody, including rich people. So common example, the folks give is social
security. The reason that it’s so popular is that applies
to everyone. And if you don’t have to apply to everyone,
well, like food stamps, for example, now that’s understandable, that’s specifically aimed
at people who can’t afford food. But it allows wealthy donors to start picking
away at it. And they demonize it, and they attack it,
and attack it, and attack it. And so social security has survived, but it’s
not the only example, Medicare, of course, as well. But things as simple as the police and schools. They apply to everybody, right? If the rich people had to pay for their own
private security, do you think they would keep funding your cops, right, or firefighters
etc. No, it’s gotta apply to everybody. It makes it more sustainable. Now, there’s two elements to this, the policy
and the politics. I wanna save the politics to the end. In terms of the policy, if you’ve been watching
The Young Turks for a while, you’ve literally seen my evolution on this issue. From time to time I talk about how the viewers
and new facts->>And Anna.>>And sometimes Anna->>Anna.>>Changes my mind, okay? So I remember when Jill Stein first proposed
this back in 2016. And I’ll be the only one in media to ever
give her credit for anything. She had this idea first. And I remember interviewing her and she was
sitting right there and thinking, that sounds a bit much. And so you can go back to that old interview,
you can see my skepticism, right? But as time evolved, I got to see more and
more facts of how much it’s crushing the American economy, let alone the students. So for example, did you know that in the last
two decades, student debt has gone from $90 billion to $1.6 trillion?>>I did know that, Jake.>>Yes, I know you’re the expert on it. Okay, no, but seriously, it’s more the 16x
what it was just a couple decades ago. So when Biden dismisses millennials and says,
give me a break about how tough they have it. No, you don’t get it. No, what’s the big deal I paid off my student. Yeah, yours was five bucks, these things are
now monstrous. So by the time Elizabeth Warren introduced
her plan to take care of a portion of student debt, it’s a significant portion.>>Yes, it is.>>I supported the plan, because I realized
the economic benefit that would come from it. How much worse it’s gotten and some of the
things that rigged the system in the first place, including, honestly, Joe Biden authoring
that bill that said that you could never get rid of student debt. And Trump can declare six bankruptcies, but
if you’re a student, you’re shackled with it for the rest of your life. Now, I’ve gotten to the point where I think
going all the way is the correct strategy. So I agree with you, Anna, this is even better
than Warren’s plan.>>This is better. And just to give you a few of the details
in regard to what Warren proposed, she proposed forgiving about $640 billion in student loan
debt, whereas Bernie wants to wipe it clean, right? And when people keep arguing, well, it’s too
expensive. How are you gonna pay for it? Of course, that question I’ve been hearing
over and over again in the press. He does outline how he would pay for it. But more importantly, he talks about the bailouts
that the banks received, that Wall Street received, following the 2008 meltdown. And these are people who knowingly did things
that crashed the economy, and they got bailed out by us, the US taxpayer. Why can’t we help students get out of this
mess, which, yes, it helps those students, but it also helps the greater economy, the
real economy. Right now everything is propped up by consumer
debt. People have to keep on taking out more loans,
more credit card debt, just to make ends meet. We need to create a real economy where people
aren’t relying on loans and debt in order to provide the bare essentials for themselves
and their families. So how is Sanders going to pay for this? He’s proposing to pay for these plans with
a tax on Wall Street his campaign says will raise more than $2 trillion over 10 years. The plan implements a new tax on financial
transactions, including a 0.5% tax on stock transactions and a 0.1% tax on bonds. Such a levy would curb Wall Street speculation
while reducing income inequality.>>Cuz jump in and go it would stunt economic
growth and investment, really? You’re not going to invest in a company because
of the 0.5% tax? That’s not true at all. What it will prevent though is constantly
trading and retrading positions, high-frequency trading. Some of those things cuz then the taxes will
add up. But the high-frequency trading is basically
done to rip off the market. So that’s why it would reduce speculation
and add to the economy. So it’s part of the reason that I’ve been
won over on all these issues. And whereas, when the students get that money
and/or they’re relieved of the burden of having to pay back that money, they immediately can
take that extra money they’re spending on their loans every single month, and put it
right back into the economy. Into food, housing, cars, etc., and that greatly
simulates the economy.>>So of course, Bernie’s going to have his
critics. Some on the left, but the majority from the
right. Michael Huckabee happens to be one of those
critics when it comes to this proposal. Let’s hear what he has to say, and then we’re
going to debunk it.>>Why stop at student loans, Sandra? Let’s go ahead and wipe out everybody’s home
loans. There is a lot of people who are in trouble
because they bought more home that they could afford, their rates went up in an adjustable
rate. What about car loans? Let’s pay those off, give everybody a free
car. And by the way, I really resent it when Bernie
says we’re gonna pay off the college loans of today’s kids because of what we did in
1944. He must not have remembered, and he even acknowledged
it, but didn’t seem to have input it, is that people did something for their country to
get that college education on the GI Bill. What he’s saying is, let’s just let people
burn our flag. Let’s let them sit during the national anthem
and we’re still gonna pay off their college loan. I’m all for getting college paid for by people
who wanna serve in our military, or serve this country-
>>Mm-hm.>>Maybe through some other means, but just
to pay off the loans, they took those loans. I’m sorry, they took out so much, and they
can’t pay it back. But somebody should have told them.>>Did Mike Huckabee just accused 45 million
Americans of being flag burners? Did he just slander all of these students
as flag burners, he just completely mischaracterize them, which is disgusting. Mike Huckabee is so gross. And by the way, the way that he is framing
this is, look, they’re not taking personal responsibility. No one told them to take out those loans. But we live in America where you literally
cannot get a good paying job unless you have a college education. So how do you pick yourself up by the bootstraps
if education is unattainable if you can’t afford it. So students are being pushed toward loans
because they have no other options. And Mike Huckabee also talks about, well,
back in the day people paid for their loans and it wasn’t a problem. Yeah, look, I don’t know when he was a student,
right? Well, was it the 1930s. I have no idea. But student loan debt has gone up a lot. Student tuition has gone up a lot just in
the last decade. And I want to give you those statistics so
you understand how much of an issue this is for young people today. So he went to a Baptist university, Ouachita
Baptist University. And this is what tuition looked like in 1985. Tuition then was $2,950, so if you adjust
it for inflation, $6,580 today. But tuition in 2016 was $24,400. Okay, so an increase of 271%.>>Ouachita.>>Yeah, exactly. Since 1978, college tuition and fees have
increased by a whopping 1,120%. During that same period, the price of food
has increased 244% and medical expenses 601%. In fact, tuition prices have gone up four
times faster than the consumer price index, and that’s according to a reporting by Bloomberg. I’m bringing this up because they live, people
like Mike Huckabee live in a different world. They don’t have to go through this, right. They sit in their ivory towers and they get
to enjoy all of their privileges. They don’t have to worry about putting their
kids through college. They don’t have to worry about their children
stressing about what their future is going to be.>>Yeah, now finally, let’s go to the politics
of it. I think it’s great politics. So Joe Biden came out today and said look,
I’m not going to give everything free to everybody liked my competitors. He’s referring to Warren and Sanders. And that’s terrible politics. So Hillary Clinton also said, we’re not gonna
change anything, okay. Yeah, well, you know what, not doable, impractical. And it was terrible politics then, it’s terrible
politics today. You know what Obama campaigned on, you should
remember Joe, cuz you were his running mate. Giant placards that said change, people want
change. There’s an albatross around everyone’s neck. And right now, even the billionaires are saying
for the love of god increase taxes on us. This is insanity. 19 billionaires came out today with a letter
saying increase taxes on the rich, this is crazy. Incoming equality’s hurting the whole country. They polled Elizabeth Warren’s wealth tax,
that applies to people that have more than $50 million, they polled just millionaires. 60% of millionaires said, yes, obviously you
should do that. You should tax us a lot more. When they got to people who make over $5 million,
it went up from 60% to two-thirds saying, yes, for god’s sake, raise the taxes on the
rich. What is wrong with you, guys? And what is wrong with them is not even the
majority of the rich, it is a minority of the rich that do all of the campaign financing. They give to the Republican party and a lot
of the Democratic party and they go, do not help the kids. The reason Joe Biden was called the Senator
from MBNA, that was a credit card company and a financial institution back in the day,
is because they were his top donor, and they also were from his state. And so he passed a bill saying you can’t ever
get rid of your student debts, cuz he wanted to help financial institutions that had a
lot of student debt that they were collecting on. So it is those campaign donors that are ruining
this system. So you’ve got to get the money out. But also, proposals like this that actually
both help the economy and help the average American citizen to live the American Dream
is the way to go and Huckabee, it’s not like a car or a house. Remember, high school also used to be paid. You actually had to bring in someone who taught
your kids and only rich people got to get that education. And we changed that. And we didn’t then turn around and go so what,
they should pay for their junior high school and elementary school teaching. What am I gonna give them a car next? No, that’s how you live the American dream
and have economic opportunity. It applies to college just as much as it does
to high school.