The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019

WATCH: Elizabeth Warren Says Debt Leads Students To A ‘Life Of Financial Servitude’

Senator Elizabeth Warren (D-MA) rose to the floor of the Senate on Wednesday to call on Congress to confront the escalating crisis resulting in students amassing a lifetime of debt while pursuing higher education.

“Adjusted for inflation, a young person today will pay 300 percent of what her parents paid just 30 years ago,” Warren said, noting that student loan debt held by Americans now totals more than $1.2 trillion.

And as borrowers suffer — with more than a third having been delinquent for more than 90 days — the government makes incredible profits, with $67 billion expected on the loans issued between 2007 and 2013 alone.

“Tying students to a lifetime of financial servitude as a condition of getting an education does not reflect our values,” she said.

In addition to lowering the cost of college, Warren announced that she will be introducing legislation that will offer borrowers relief now by allowing “eligible borrowers with high-interest loans to refinance at interest rates that are at least as low as those currently being offered to new borrowers in the federal student loan program.”

And she said her program could be paid for by closing loopholes designed by and for the rich.

“We can start with the Buffett Rule—a rule that would limit tax loopholes for the wealthy and ensure that billionaires pay at least as much as their secretaries.”

Screen Shot 2014-02-14 at 4.52.42 AM

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Rev. Al Sharpton, near left, with members of Tyre Nichols' family

Youtube Screenshot

Black Lives Matter.

Now, can everyone understand the desperate, defiant power of those three words? Can all those who tried to act as though they didn’t get why the phrase needed to be said — over and over — finally stop pretending?

Keep reading...Show less

Vladimir Putin

Youtube Screenshot

Militarily and politically as well as economically, the war in Ukraine has been a major drain on Russia. President Vladimir Putin and his allies in the Kremlin were hoping for a quick, easy invasion, but Ukrainian forces have been much more skillful fighters than Putin anticipated.

Moreover, the invasion of Ukraine has had an unintended consequence: the expansion of the North Atlantic Treaty Organization (NATO). Sweden and Finland, for many years, stayed out of NATO; in 2022, they applied for membership. And U.S. President Joe Biden, in contrast to former President Donald Trump’s anti-NATO views, has welcomed NATO’s expansion.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}