As the first set of Democratic candidates took the stage for the second round of presidential debates, some 2020 hopefuls criticized Sen. Bernie Sanders' (I-Vt.) plan to totally eliminate student loan debt by providing free college for all Americans.
During the debate, Sanders called for a political revolution to force Wall Street to pay for the crisis with a tax.
The "ultra-wealth tax" has gained steam among progressives in the race, like Massachusetts Sen. Elizabeth Warren. Because college costs are so high, Sanders argues, the wealth gap widens as most families are unable to pay for tuition. Therefore, his plan calls for the termination of student loan debt and would make two- and four-year public and tribal colleges and universities tuition-free and debt-free.
However, South Bend Mayor Pete Buttigieg who, in the last debate said he and his husband have a "six-figure student debt," rejected Sanders's plan to terminate all debt throughout the U.S., even though it would presumably mean his own family's debt would be forgiven.
<i>Sen. Amy Klobuchar, D-Minn., from left, South Bend Mayor Pete Buttigieg, Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass. / Photo Credit: Paul Sancya/AP/Shutterstock</i>
"That'd be great for us," Buttigieg said. "And then the next day there would be a student loan program and people would be out taking student loans wondering why they weren't lucky enough in timing to get theirs wiped away completely too."
Rather, the youngest candidate in the race proposed a plan to enact debt-free college for low- and middle-income students by expanding Pell Grants and "compelling states to pick up more of the burden." He also said he would open up access to a public service loan forgiveness program.
Like Buttigieg, former Texas Congressman Beto O'Rourke also disagreed with Sanders's plan for free college.
O'Rourke said he supports free two-year colleges, and debt-free four-year programs. He noted that his plan includes free board and books, a difference from other candidates' proposals.
Minnesota Sen. Amy Klobuchar, has said that taking on student debt is personal; however, she is wary of whose debt should be forgiven.
"I want to make it easier for kids to go to college, and I think we do it by using our resources on the people that need it the most," Klobuchar said Tuesday night.
Klobuchar critiqued Sanders's plan that would pay for all Americans to attend college, including students who are not in need. "It would literally pay for wealthy kids, for Wall Street kids, to go to college for free," she said.
Rather than providing free college to all young adults, Klobuchar said she plans to refinance loans and expand repayments for teachers.
The only candidate to offer support for Sanders' plan was author Marianne Williamson, who said a candidate must focus on stimulating the economy: "The best thing to do to stimulate this economy is to get rid of this debt."
Warren spoke briefly about her plan to end student debt, which includes universal, tuition-free college for all kids, increased Pell Grants and increasing funding in historically black colleges and universities by $50 billion. "It cancels student loan debt for 95 percent of the kids with student loan debt, and helps close the black-white wealth gap in America," said Warren
For more on 2020 candidates' plan to fix the student loan debt, click here.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The House Select Committee investigating the Jan. 6 riots on Capitol Hill held its first primetime hearing on Thursday. Cheddar News speaks with legal analyst Tracy Pearson, who breaks down the biggest takeaways.
Fuel and oil prices have risen almost 17 percent since May, making the national gas prices reach nearly $5 a gallon. Andrew Lipow from consulting firm Lipow Oil Associates joined Cheddar News to discuss the future of gas prices. "The biggest issue on the oil market is really events that are beyond our control, which is what is happening over in Europe," he said, regarding the ongoing Russia Ukraine war. Lipow also said he predicted gas prices to hit $5.05 and that he's focused on the Biden administration's overtures in repairing a relationship with Saudi Arabia.
March For Our Lives will be returning this weekend to Washington, DC, in the wake of the recent mass shooting seen throughout the country. Marchers include Yolanda Renee King, the only granddaughter of Martin Luther King Jr. She joined Cheddar News to discuss the importance of the march and activism in general. "I just think that it's so important to have these rallies because we need to demand to our leaders and politicians that they pass legislation and that and we actually need to see action," she said.
Erika Alexander and Whitney Dow, directors of 'The Big Payback,' join Cheddar News to discuss their new film, 'The Big Payback.' It premieres Saturday, June 11 at the Tribeca Festival.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.
The House select committee investigating the January 6th riots on Capitol Hill is opening its landmark series of public hearings. Cheddar News speaks with Mike Sozan, senior fellow at the Center for American Progress who explains how to follow the hearings and what to expect.
