"We have adopted a very warped sense of priorities when we can bail out Wall Street for their criminal activity that crashed the economy," argues Sen. Bernie Sanders, "but we can't cancel student debt in this country." (Photo: BernieSanders.com)
May 10, 2022
Today in America, an entire generation is burdened with a lifetime of student debt that makes them less likely to buy a home, start a new business, or even start a family.
There are many thousands of young people who are graduating college with $50,000, $100,000, or more in debt and some of them, for financial reasons, weren't even able to finish their degree.
And if you go to graduate school or want to attend medical school, law school, or nursing school we're talking about young people who have assumed up to $400,000 or even $500,000 worth of debt.
Further, sadly, hundreds of thousands of working-class high school students no longer see college as an option because of their fear of leaving school with massive debt.
It is time to hit the reset button.
There is $1.8 trillion in student debt owed by more than 46 million Americans -- a number that has tripled since 2008, and the overwhelming majority of which is owed to the federal government.
I am urging President Biden to do the right thing.
To cancel it.
All of it.
Because here is the truth:
In the richest country in the history of the world, it is absurd, to say the least, that we have sentenced an entire generation to a lifetime of debt simply for doing what was expected of them -- getting a college education.
In the richest country in the history of the world, it is a national disgrace that we lead the world in the amount of student debt owed by our people.
In the richest country in the history of the world, hundreds of thousands of young people should not be giving up their dreams because paying off their student loans is too expensive.
In the richest country in the history of the world, we should understand that investing in our young people's education is investing in the future of our nation. It's not only good for the individual student, but for our entire economy.
No, that is not what America is supposed to be about.
We have adopted a very warped sense of priorities when we can bail out Wall Street for their criminal activity that crashed the economy, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when some of the wealthiest people and largest corporations in our country pay little or nothing in federal taxes, but we can't cancel student debt in this country.
We have adopted a very warped sense of priorities when we give billions of dollars to Jeff Bezos' space company, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when we can always find enough money for war and the military -- even more than President Biden asked for -- but we can't cancel student debt in this country.
So I believe it is time for President Biden to do the right thing.
It's time for him to cancel student debt in this country.
Right now, the president is hearing from a lot of people on this issue. It's important he hear from all of us as well.
Every day it becomes more obvious that having 46 million people drowning in $1.8 trillion of student debt is not sustainable.
The right thing to do for those people, and for our country, is to cancel it.
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Bernie Sanders
Bernie Sanders (I-Vt.) was elected to the U.S. Senate in 2006 after serving 16 years in the House of Representatives. Sanders ran to become the Democratic Party presidential nominee in both 2016 and 2020 and remains the longest-serving independent member of Congress in American history. Elected Mayor of Burlington, Vermont in 1981, he served four terms. Before his 1990 election as Vermont's at-large member in Congress, Sanders lectured at the John F. Kennedy School of Government at Harvard and at Hamilton College in upstate New York.
Today in America, an entire generation is burdened with a lifetime of student debt that makes them less likely to buy a home, start a new business, or even start a family.
There are many thousands of young people who are graduating college with $50,000, $100,000, or more in debt and some of them, for financial reasons, weren't even able to finish their degree.
And if you go to graduate school or want to attend medical school, law school, or nursing school we're talking about young people who have assumed up to $400,000 or even $500,000 worth of debt.
Further, sadly, hundreds of thousands of working-class high school students no longer see college as an option because of their fear of leaving school with massive debt.
It is time to hit the reset button.
There is $1.8 trillion in student debt owed by more than 46 million Americans -- a number that has tripled since 2008, and the overwhelming majority of which is owed to the federal government.
I am urging President Biden to do the right thing.
To cancel it.
All of it.
Because here is the truth:
In the richest country in the history of the world, it is absurd, to say the least, that we have sentenced an entire generation to a lifetime of debt simply for doing what was expected of them -- getting a college education.
In the richest country in the history of the world, it is a national disgrace that we lead the world in the amount of student debt owed by our people.
In the richest country in the history of the world, hundreds of thousands of young people should not be giving up their dreams because paying off their student loans is too expensive.
In the richest country in the history of the world, we should understand that investing in our young people's education is investing in the future of our nation. It's not only good for the individual student, but for our entire economy.
No, that is not what America is supposed to be about.
We have adopted a very warped sense of priorities when we can bail out Wall Street for their criminal activity that crashed the economy, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when some of the wealthiest people and largest corporations in our country pay little or nothing in federal taxes, but we can't cancel student debt in this country.
We have adopted a very warped sense of priorities when we give billions of dollars to Jeff Bezos' space company, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when we can always find enough money for war and the military -- even more than President Biden asked for -- but we can't cancel student debt in this country.
So I believe it is time for President Biden to do the right thing.
It's time for him to cancel student debt in this country.
Right now, the president is hearing from a lot of people on this issue. It's important he hear from all of us as well.
Every day it becomes more obvious that having 46 million people drowning in $1.8 trillion of student debt is not sustainable.
The right thing to do for those people, and for our country, is to cancel it.
Bernie Sanders
Bernie Sanders (I-Vt.) was elected to the U.S. Senate in 2006 after serving 16 years in the House of Representatives. Sanders ran to become the Democratic Party presidential nominee in both 2016 and 2020 and remains the longest-serving independent member of Congress in American history. Elected Mayor of Burlington, Vermont in 1981, he served four terms. Before his 1990 election as Vermont's at-large member in Congress, Sanders lectured at the John F. Kennedy School of Government at Harvard and at Hamilton College in upstate New York.
Today in America, an entire generation is burdened with a lifetime of student debt that makes them less likely to buy a home, start a new business, or even start a family.
There are many thousands of young people who are graduating college with $50,000, $100,000, or more in debt and some of them, for financial reasons, weren't even able to finish their degree.
And if you go to graduate school or want to attend medical school, law school, or nursing school we're talking about young people who have assumed up to $400,000 or even $500,000 worth of debt.
Further, sadly, hundreds of thousands of working-class high school students no longer see college as an option because of their fear of leaving school with massive debt.
It is time to hit the reset button.
There is $1.8 trillion in student debt owed by more than 46 million Americans -- a number that has tripled since 2008, and the overwhelming majority of which is owed to the federal government.
I am urging President Biden to do the right thing.
To cancel it.
All of it.
Because here is the truth:
In the richest country in the history of the world, it is absurd, to say the least, that we have sentenced an entire generation to a lifetime of debt simply for doing what was expected of them -- getting a college education.
In the richest country in the history of the world, it is a national disgrace that we lead the world in the amount of student debt owed by our people.
In the richest country in the history of the world, hundreds of thousands of young people should not be giving up their dreams because paying off their student loans is too expensive.
In the richest country in the history of the world, we should understand that investing in our young people's education is investing in the future of our nation. It's not only good for the individual student, but for our entire economy.
No, that is not what America is supposed to be about.
We have adopted a very warped sense of priorities when we can bail out Wall Street for their criminal activity that crashed the economy, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when some of the wealthiest people and largest corporations in our country pay little or nothing in federal taxes, but we can't cancel student debt in this country.
We have adopted a very warped sense of priorities when we give billions of dollars to Jeff Bezos' space company, but we can't cancel student debt in this country.
We have adopted a warped sense of priorities when we can always find enough money for war and the military -- even more than President Biden asked for -- but we can't cancel student debt in this country.
So I believe it is time for President Biden to do the right thing.
It's time for him to cancel student debt in this country.
Right now, the president is hearing from a lot of people on this issue. It's important he hear from all of us as well.
Every day it becomes more obvious that having 46 million people drowning in $1.8 trillion of student debt is not sustainable.
The right thing to do for those people, and for our country, is to cancel it.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.