Senator Bernie Sanders (I-VT), along with Rep. Pramila Jayapal (D-WA), Rep Keith Ellison (D-MN) and Senator Elizabeth Warren (D-MA), promoted the College For All Act this week. More and more Democrats are signing on, with Senators Richard Blumenthal and Chris Murphy becoming the latest to co-sponsor the bill. The bill would use a tax on Wall Street speculation.
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The bill also would cut the interest rates for new loans and enable existing borrowers to refinance at the new lower rate.
The Senators said the $600 billion cost would be paid for by a separate bill to tax Wall Street speculation. That tax is proposed to be 0.5 percent on stock trades, a 0.1 percent fee on bonds and a 0.005 percent fee on derivatives, they said the tax would raise at least $600 billion over the next decade.
Free college for all is not a pipe dream, it’s a realistic and essential cultural shift our country needs. Of course, you can always just send your children to Germany where they’ve already done the right thing. Sen. Sanders has introduced a college for all act a few times over the years and Democrats are hopefully beginning to realize that a little bit of socialism can go a long way.