Can Bernie Sanders Really Cancel Student Debt and Afford Free College Tuition?

With Bernie Sanders's vision of a debt-free college education and consequential relief for student debt, the question arises: is it feasible, or will it just vanish like a magic act? This article explores the feasibility of Sanders's proposals and delves into the fiscal implications behind them.

Addressing the Myths Behind Student Debt Cancellation

There is a common misconception that Bernie Sanders can simply wave a magic wand to cancel student debt. In reality, this debt is backed by US taxpayers, and the solution lies in increasing taxes to cover these costs. The real question is not about the cancellation itself but how to achieve it through increased taxation.

The Cost of Republican Policies

To understand the feasibility of Sanders's plans, it is essential to examine the costs associated with Republican policies. Trump's tax cuts, Bush's tax cuts, and the expenses related to military operations and conflicts provide a stark comparison:

Trump's Tax Cuts: Cost the nation 1.9 trillion dollars. Bush's Tax Cuts: Cost the nation 4.3 trillion dollars and are still growing. Wars in the Middle East: Cost the nation 6.4 trillion dollars and are still on the rise. Student Loans: Cost 1.6 trillion dollars, which is less than the aforementioned costs.

These figures demonstrate that providing student debt relief is far cheaper than many of the Republican policies that have been enshrined in law. This leaves a significant fiscal window to fund Sanders's proposals.

The Case for Free State College Tuition

Another integral aspect of Sanders's plan is free state college tuition. The annual cost to implement this policy is estimated at 72 billion dollars, a figure that can be significantly offset by eliminating wasteful Republican policies. For instance, the military budget has seen substantial increases in recent years:

2019 Increase in Military Budget: 86 billion dollars. 2020 Increase in Military Budget: 130 billion dollars.

This raises the question: Where is the additional money coming from? And more importantly, why is the defense budget so high when the next largest military budget is around 250 billion dollars? Is the United States involved in any active wars? Are we at risk of invasion? And why are soldiers underpaid given the vast sums of money allocated to the defense budget?

Eliminating Wasteful Republican Policies

By eliminating a select number of wasteful Republican policies, a significant portion of the budget can be freed up. Let's consider four major GOP policies:

Bailouts for Banks Subsidies for Fossil Fuel Companies Tax Breaks for Billionaires and Corporations Incentives for Corporations (e.g., Amazon's 1.9 billion dollar tax-free deal)

If we remove these four policies, it is possible to save 933 billion dollars. This not only balances the budget but also creates a surplus of 156 billion dollars. This surplus can then be allocated towards crucial social programs such as:

Education Infrastructure Healthcare College Tuition Student Debt Relief

The point is clear: with the right fiscal strategies, we can afford to invest in these areas, fostering a robust middle class and driving economic growth.

Corporate Welfare at the Expense of the Taxpayer

The current system is riddled with corporate welfare, where companies like Amazon, Netflix, and Walmart pay minimal to no federal taxes. Furthermore, subsidies for industries such as fossil fuels, telecommunications, and pharmaceuticals drain the treasury. This highlights the need for a fundamental shift in how tax money is allocated:

Instead of subsidizing corporations, we should invest your tax money in you and your children. This includes funding for better education, infrastructure, and public services.

By redirecting tax money in a more equitable and productive manner, we can address the underlying issues of the middle class and spark economic demand.

Conclusion

The feasibility of Bernie Sanders's proposals lies in reallocating existing fiscal resources. By eliminating wasteful corporate subsidies and redirecting funds towards essential social programs, we can break down the barriers to a debt-free college education and provide substantial relief to those burdened by student debt.

Is it simply a matter of fiscal wizardry? No, but it is a matter of fiscal responsibility and a return to the principles of fair taxation and the redistribution of wealth for the benefit of all citizens.