Listen: Sen. Warren unveils student loan and free college plan
"Up to there's no help for anybody whose family incomes above two hundred and fifty thousand and that's it that's gone out up to fifty thousand dollars in student loan debt. But who is going to water all the money trees that will be required. To raise that much money. I know it's it's taxing the rich, right and axing the will probably get some level of bipartisan support if she wants to tax billionaires, it is taxing the Uber rich. She has proposed an increase in taxes for America's most wealthy families. Those are people with fifty million dollars in the Bank of the five zero million in the Bank. That's uber. Rich that's not somebody who's making two hundred fifty thousand dollars a year. These are people that are in the one percent or the point zero zero zero on percent. These are very rich people. Okay. So she's gonna pay for it with revenue generated by the Uber wealthy incorporations. She said she estimates that she will raise through these tax hikes two point seven trillion dollars over ten years over ten years and this proposed plan that she gave out today canceling most of the student loan debt eliminating tuition at public colleges will call. Cost one point two five trillion. So she says she can raise two point seven five trillion over ten years. This plan today cost one point two five. She also wants to create a fifty billion dollar fund to support historically black colleges. And universities. Look, I think our system is broken. These kids have so much student debt. They will never get out of it. I know people who have said to me, I will never be able to pay off my student loan debt. They might have a hundred thousand dollars, you're underwater. You can never free event. All they're doing right now is paying the interest every year, they're paying the interest. They never get to the principal. But you're are we putting bandaids on the sick patient when we should be performing radical surgery eliminate tuition that's the surgery, then we won't have this problem anymore as a rule people to go to college do in fact, make more money than people who don't go to college. That's true. But higher education is being disrupted as we've talked ad nauseam time and time. Again, this notion that you get your degree after four years and you're set for life. Is a vestige of the nineteen eighties nineteen nineties. Now. It's lifelong learning retraining learning new skills learning new software were never done. So I can be absorbed. But you are you saying that's going to cost us more money that training can be absorbed by you're saying the whole notion of the four year degree for years in your done. I think is going to be disrupted. It's it is being disrupted today. So I liked the idea of lifelong learning, and if some of that money goes towards lifelong learning helped me keep up my credentials. Learn new skills or new software. So I could be more valuable and make more money for my family. I think that's a great idea and taxing people, you know, it makes me a little nervous can be a slippery slope. Think about this. My mother had free college. She lived in New York City grew up in New York City free City College if you could get if your grades were good, and if you were student free, it was free college free college a lot of. All of us who paid for that, Paul. So we were doing it when my mama who's seventy five years old now if she's seventy four she's going to be so mad that I seventy five, but whatever route seventy five someone paid for that. And it was not my grandpa. So somebody pay for that college. Who was that Paul is you as me as our grandma's? It's our grandfathers. It's great all of this stuff. There are people here in Minnesota. Anytime we do a story about this. They say their college in Minnesota was paid for somebody paid for that college education. Yeah. It was the tax payers. It was the government. It was somebody. So if we could do it, you know, fifty years ago, why why what happened? Why can't we do it? Now. Somehow, we figured that out. And it wasn't college for everybody. It wasn't everybody gets a trophy. Everybody gets a degree. You have to have the grades. You have to be college bound because college isn't for everybody. So look, my mom had the grades. She said if you had the grades and she worked hard, she got into college, and it was paid for for your degree. Wasn't it the banking industrial complex? I mean, banks figured out that they could make a ton of money from these college low navy that was it. Maybe that's what God is urging territory. Uncharted waters. Bail them out a few years back seem so we build up. But now we're worried about bailing out our workforce, the vast majority of of loan debt is held by the federal government. It's got so they could you know, snap their fingers and safe forgiven. It's not like your banker chase, Bank or Wells Fargo. Your Bank is going to take a hit. There is private loan debt and that can be worked out separately. She says, but the vast majority is held by the federal government if you wipe out that debt, and look I'm not saying there's not going to be growing pains. I'm not saying this isn't going to cause some problems forty two million Americans would be helped if we did part of her plan eliminating all student loan debt for more than seventy five percent of"