Elizabeth Warren did little for average Americans while she has been in office; however, now that she’s running for President, she’s pushing a bill that would eliminate up to $50,000 in student loan debt for those making under $100,000 a year.
But wait, if you had $40,000 in debt back in the late 90s, it’s now over $60,000 because of interest so, most people would still own tens-of-thousands of dollars in student loan debt. The main people that would benefit the most from Warren’s plan are people who just got out of school within the last few years which tend to be younger folks.
Elizabeth Warren’s plan comes a day after she made a dire prediction about the economy.
Fox News which has a republican bias clearly doesn’t like Warren’s plan.
Fox News needs to be careful here because Warren is one of the few congress members who are on record for accurately predicting the 2008 crash.
One thing is clear. The U.S. consumer did not get a big bail out by Trump like corporate America did in terms of tax cuts. Whether student loan debt is forgiven or a massive decrease in health care takes place, consumers need help. Clearly corporate America is not helping out the consumer in terms of hiring American workers like the Trump Administration wanted. Instead, corporate America has mostly kept their supply chains in China, India, and Mexico and used the tax cuts to engage in massive share buy back programs. If corporate America isn’t going to help the American consumer, then the government will have to if we are to avoid the kind of calamity Warren is talking about.
Republicans must get real about this. Warren has scored some big points with the public by pushing for student loan debt relief. Republicans need to offer consumers something as big, if not bigger. Arguing the philosophical merits of smaller government, while private corporate America still mostly refuses to hire American workers, isn’t going to cut it IMO.
As traders, we need to watch Democrats closely. If they continue to offer voters financially more than what Republicans are offering, we could see President Trump’s lead slowly erode.