Current Events in January 2020

Limena of Palm Springs, Fla., is recalling its 1 lb. (16-oz.) blocks of Salvadorean String Cheese (Quesillo Cheese).

The product may be contaminated with Listeria monocytogenes.

No illnesses have been reported to date.

The recalled product, which comes in clear plastic vacuum package with a blue and white label marked with lot #1041020 on the top and no expiration date, was sold by retail stores and through mail orders.

What to do

Customers who purchased the recalled product should discard the it.

Consumers with questions may contact the company at (561) 541-5206, Monday – Friday, 8 am – 6 pm (EST).

The U.S. and China have signed a Phase One trade deal, in effect bringing about a cease-fire in their persistent trade war. But specifics of the deal remain somewhat vague.

U.S. officials say the agreement requires China to purchase more U.S. products and services while opening the Chinese market to U.S. financial services firms. The White House also says it provides new protections for U.S. intellectual property, something that had been a sticking point from the start.

But despite the smiles and handshakes in Washington on Wednesday, the deal apparently leaves in place U.S. tariffs on about three-quarters of Chinese imports to the U.S. -- costs that could be passed along to U.S. consumers.

The Phase One agreement leaves potential tariff reductions to later negotiation in the Phase Two agreement, which all concede will be potentially more difficult. That agreement will address how the Chinese government supports its industry through direct subsidies. President Trump says those talks probably won’t start until after the November election.

“For decades, American workers, farmers, ranchers, manufacturers, and innovators have been hurt by unfair trade with China,” Trump said in ceremonies at the White House. “Today, a new era in our trade relationship begins!”

Momentous step

Trump also called the deal a momentous step “toward a future of fair and reciprocal trade.”

Under the agreement, China has agreed to increase its U.S. imports by about $200 million over two years. In addition to agricultural products, China has agreed to buy more manufactured products, energy, and services from the U.S. 

Despite the lengthy and sometimes contentious talks, Chinese Vice Premier Liu He said the outcome was one that can serve the interests of both nations.

“China has established a political system and an economic development model that suits its own characteristics,” Mr. Liu said. “But that doesn’t mean China and the U.S. can’t work together.”

Concerns

The fact that tariffs remain on most Chinese imports is worrying for some. John Frisbie, a China expert at the trade consulting firm of Hills & Co., told The Wall Street Journal that the failure to remove tariffs fails to remove “overall uncertainty.”

Wall Street seemed to rejoice in the signing, virtually ignoring the fact that House Speaker Nancy Pelosi (D-Calif.) oddly chose Wednesday as the time to sign the articles of impeachment against Trump and send them to the Senate. The Dow Jones Industrial Average closed above 29,000 for the first time.

America’s renewable energy sector hasn’t let the Trump administration's views on green energy and climate change get in the way for a second. According to research by BloombergNEF, the U.S. invested  $55.5 billion in green technologies last year, a sizable increase of 28 percent.

That $55 billion puts the U.S. second only to China and solidly ahead of Europe. Renewable energy investment in both of those continents slid -- China by 8 percent to $83.4 billion and Europe by 7 percent to $54.3 billion.

Conversely, Brazil’s investments skyrocketed, too -- 74 percent to $6.5 billion -- even though the country is saddled by its own climate-skeptic President, Jair Bolsonaro. 

Could the answer be blowing in the wind?

Bloomberg’s research says the U.S. surge comes out of wind and solar companies that were rushing to qualify for federal tax credits before they are taken off the table later this year.

“It’s notable that in the third year of the Trump presidency, which has not been particularly supportive of renewables, U.S. clean energy investment set a new record by a country mile,” said Ethan Zindler, head of Americas for BNEF.

All in

“Electricity utilities have begun to note the importance of providing renewable energy, and many have begun to invest in these technologies,” is what T. Wang sees from Statista’s perch. 

“Using large-scale renewable projects for rural areas or developing countries can also benefit these regions, as electricity in these areas is typically of poor quality, inefficiently used, and unreliably supplied. Using renewable energy can improve the quality of life and economic production, and benefit the environment.”

Getting all the way there will take some time. Nonetheless, some companies aren’t waiting. Apple, for one, is looking to be powered by renewable energy not just in the U.S., but worldwide.

Are you interested in determining if your house is a good candidate for renewable technologies? Are you curious about how you can refit your home with renewable-powered air conditioners, water heaters, and other equipment? If so, ConsumerAffairs has created a guide on the companies offering those services. It’s available here.

It’s the eleventh hour for the Sprint/T-Mobile merger. The prolonged legal battle brought on by a group of states attorneys general drew to a close on Wednesday when the regulators and wireless companies made their closing arguments to Judge Victor Marrero in a U.S. District Court in New York.

Speaking for the coalition of states, New York Attorney General Letitia James argued that the merger would be "bad for the economy, bad for consumers, bad overall for the industry" and would "stifle innovation." 

"It would reduce the quality of service for millions of Americans across the country," she added. "I'm confident we will win."

That stance is in direct contrast to how T-Mobile CEO John Legere and Sprint CEO Marcelo Claure framed the merger when they announced it back in May 2018, but the states claim that the deal is "presumptively anticompetitive." They also claim that Sprint and T-Mobile's suggestions on how to address that issue are paltry at best.

The Dish wish

When anticompetitive concerns about the deal first emerged in June 2019, Dish Network smelled opportunity and offered to jump in as a new player that could right the merger’s wrongs -- a reversal from its original opposition to the deal. 

When Marrero asked Dish why it changed its stance, Dish Network co-founder and Chairman Charlie Ergen said that the company was concerned that consumer prices could go up if the mobile market went from four big players to three. 

If the Sprint/T-Mobile merger makes it to “I do,” and Dish comes in to take care of the consumers left behind, it might actually be a workable solution.

Analysts say that Dish is a logical player to take up that role because it already has significant spectrum that’s not being utilized. According to LightShed, Ergen’s biggest task was knocking down the perception that Dish is nothing more than a spectator. To do that, he’s drawn parallels between building a satellite TV business from scratch and jumping into the wireless game.

Dish also let the cat out of the bag that it might jump into the fray with its own mobile network regardless of whether it’s handed the remains of the Sprint/T-Mobile deal or not.

If it’s given the green light, Dish plans to create a Mobile Virtual Network Operator (MVNO), the same type of network the big four carriers use. The idea could benefit consumers because they would have more options when picking a wireless plan. MVNOs also typically offer less expensive cell phone plans, as well as prepaid options that don't require a credit check or contracts. 

What’s next?

When Marrero opened court on Wednesday, he went no further than saying, "there is life beyond the merger of T-Mobile and Sprint.” He said that he couldn’t promise when he’d have his yes or not, but he stated that he would "endeavor to decide as quickly as possible."

Consumers can officially put any doubts or fears about eating romaine lettuce to rest. 

The Centers for Disease Control and Prevention (CDC) has released its final update stating that an E. coli outbreak related to romaine lettuce grown in California has finally ended. In its announcement, the agency said that all tainted products are no longer available for sale.

“This outbreak appears to be over. CDC is no longer advising that people avoid romaine lettuce from the Salinas Valley growing region of California,” the agency said.

Sicknesses from the outbreak

In total, 167 people across 27 different states were infected by tainted products. Of that number, 85 consumers were hospitalized and 15 developed hemolytic uremic syndrome, which is a type of kidney failure. Luckily, there were no deaths linked to the outbreak. 

Researchers at the CDC say that the strain of E. coli from this outbreak is the same one that was associated with similar outbreaks in 2017 and 2018. Infected consumers reported many of the common symptoms linked to E. coli exposure, including vomiting, severe stomach cramps, and diarrhea. 

The CDC says that consumers who have questions about this outbreak should call their state’s health department for more information. Additional resources have been posted on the agency’s website here.

The number of U.S. consumers using credit cards has increased 7 percent over the last five years, according to a new report from Packaged Facts.

The report’s authors say credit card use usually goes up during good economic times. Steady economic growth and an increasingly healthy job market in recent years have helped to provide a widening pool of credit-worthy credit card customers, and good times have encouraged them to spend.

Another factor driving increased credit card us is e-commerce, which is taking an increasingly bigger market share of retail and which is made much easier with payment cards.

The report found that consumers increasingly favor general-purpose credit cards over so-called private-label credit cards. This suggests that, after several years of growth, private label cards may now be less popular with consumers.

A private label credit card is a store-branded card that is meant to be used at a specific store. These cards are managed by a bank or commercial finance company for retailers like department and specialty stores and for some airlines.

The trend of going cashless

The growth in credit card use may also suggest the continuation of the trend of consumers paying for virtually everything using plastic. A 2018 Pew Research Center study found that 29 percent of U.S. adults said they make no purchases using physical currency during a typical week, up from 24 percent in 2015.

“Most notably, adults with an annual household income of $75,000 or more are more than twice as likely as those earning less than $30,000 a year to say they do not make any purchases using cash in a typical week (41% vs. 18%),” Pew said in a release.

“Conversely, lower-income Americans are about four times as likely as higher-income Americans to say they make all or almost all of their purchases using cash (29% vs. 7%),” the Center said.

More consumers can qualify

The higher income group is also more likely to have a bank account and to be able to qualify for a credit card. Packaged Facts’ report showing credit card use is rising could also mean that consumers who previously couldn’t qualify now can.

But a 2019 report from Origin, Hill Holliday’s independent research arm, suggests most consumers aren’t ready to give up cash completely. The survey found that 76 percent of consumers still carry some cash, even if they mostly use other methods to pay for things. Fifty-five percent said they “hated” the idea of completely abandoning cash.

Most merchants -- particularly small businesses -- also prefer that their customers pay with cash because payment cards always carry some type of fee.

Recent studies have shown how recreational marijuana use has affected consumers’ driving habits. Now, a new study conducted by researchers from McLean Hospital found another surprising fact about driving after drug use. 

The study revealed that consumers’ driving could be negatively affected by marijuana use, even after the effects of the drugs have worn off. 

“People who use cannabis don’t necessarily assume that they may drive differently, even when they’re not high,” said researcher Staci Gruber, PhD. “We’re not suggesting that everyone who uses cannabis will demonstrate impaired driving, but it’s interesting that in a small sample of non-intoxicated participants, there are still several differences in those who use cannabis relative to those who don’t.” 

How driving is affected

To see how using marijuana affected participants’ driving ability when they weren’t high, the researchers had both regular marijuana users and those who didn’t use the drug participate in the study. 

The participants’ driving skills were put to the test in a simulator that mimicked real-world conditions. Participants also answered questions about their marijuana use, including how often they used the drug and when they initially started using it. At the time of the experiment, the group of regular marijuana users were clean of the drug for 12 hours and were completely sober. 

The researchers learned that despite not feeling any effects of the drug, the group of marijuana users didn’t perform as well on the driving simulator as those who had never used the drug. Simple road rules, such as following speed limits or stopping at red lights, weren’t followed as closely by the group who used marijuana. 

The researchers took the test a step further by looking at when the participants had first started using marijuana so they could determine what effect that had on their driving abilities. They learned that the longer the participants had been using the drug, the more dangerous their driving was. 

Though the researchers did explain that marijuana can affect everyone differently, they said the primary goal for every driver is to be safe and ensure that they’re fit to get behind the wheel.

“There’s been a lot of interest in how we can more readily and accurately identify cannabis intoxication at the roadside, but the truth of the matter is that it is critical to assess impairment, regardless of the source or cause,” said Dr. Gruber. 

“It’s important to be mindful that whether someone is acutely intoxicated, or a heavy recreational cannabis user who’s not intoxicated, there may be an impact on driving, but certainly not everyone demonstrates impairment simply as a function of exposure to cannabis. This is especially important to keep in mind given increasing numbers of medical cannabis patients who differ from recreational users with regard to product choice and goal of use.” 

You may have seen headlines declaring that another housing crisis is right around the corner. What those stories probably won’t tell you is that foreclosures, which triggered the last crisis, are at an all-time low.

Real estate data provider ATTOM Data Solutions reports that foreclosure activity in 2019 fell 21 percent from the year before and was down 83 percent from the peak in 2010. It was at its lowest level last year since the company began tracking the data in 2005.

"The continued decline in distressed properties is one of many signs pointing to a much-improved housing market compared to the bad old days of the Great Recess

But that doesn’t mean the market is perfectly balanced, because it isn’t. Because of a shortage of housing, prices have risen faster than incomes, and affordability has become an issue in many markets. Teta notes that foreclosure starts increased in about a third of the nation's metro housing markets in 2019. Nationally, the number also ticked up a bit in December.

"While that's not a major worry, it's something that should be watched closely in 2020," he said.

Not very similar to the 2008 crisis

When some real estate articles warn of another housing crisis, they usually base that fear on rapidly rising home prices, pointing out that was the pattern during the housing bubble. But that’s pretty much where the similarity ends.

During the bubble days, builders were putting up new homes as fast as they could. Mortgage brokers would loan money to anyone whether they could afford the house or not. The broker didn’t care because they would sell the mortgage within days to a big bank that would securitize it and sell it on Wall Street. Everyone kicked the can down the street.

The whole house of cards began to tumble when the new homeowners, who couldn’t afford the homes they purchased, defaulted on their loans and triggered a wave of home foreclosures, causing property values to plunge.

Tougher loan standards

Today, mortgage underwriters are much stricter than during the bubble days. They don’t write a mortgage unless they are convinced the buyer will be able to afford it.

The reason for the recent rise in home prices is very different from the factors that drove home prices higher in the early 2000s. Since the housing crash, builders have produced new homes at about half the rate they did before the crash, leading to a housing shortage.

More buyers competing for fewer available homes has caused prices to go up. If builders were to start producing more entry-level homes, there’s no doubt that prices would moderate.

If foreclosures are the canary in the housing market’s coal mine, that bird continues to sing a happy tune. Not only are overall foreclosure filings 83 percent lower than their 2010 peak, but bank repossessions are also down 86 percent.

Toyota Motor Engineering & Manufacturing is recalling 9,468 model year 2019-2020 C-HRs, and model year 2020 Corollas & Corolla Hybrids with rear seat belt assemblies with a dual-mode locking mechanism.

The seat belt webbing sensor locking mechanism may not lock as intended.

In the event of a crash involving multiple impacts, the seat belt may not properly restrain the occupant, increasing the risk of injury.

What to do

Toyota will notify owners, and dealers will inspect the rear seat belt assembly production dates, and replace the assemblies, as necessary, free of charge.

The recall is expected to begin February 3, 2020.

Owners may contact Toyota customer service at (888) 270-9371. Toyota's numbers for this recall are 19TB22 and 19TA22.

BMW of North America is recalling 3,012 model year 2019-2020 M5s and model year 2020 M8 Gran Coupes, M8 Coupes and M8 Convertibles.

The transmission wiring harness can become damaged, resulting in an electrical short circuit.

An electrical short circuit can cause the transmission to shift into neutral resulting in a loss of propulsion, increasing the risk of a crash.

What to do

BMW will notify owners, and dealers will replace any damaged transmission harnesses. All harnesses will be rerouted and secured. These repairs will be performed free of charge.

The recall is expected to begin February 3, 2020.

Owners may contact BMW customer service at 1-800-525-7417.

When ConsumerAffairs recently flew to Las Vegas for CES 2020, we were hopeful that the promises the airlines had been making were going to be in full view. Not so much…

The customer service on American Airlines (AA) was rather pedestrian, and the onboard snacks were less-than-snack’ish (but, thank you, AA, for the otherwise pricey sandwiches for free after we journeyed to what seemed like the last departure gate on earth). Yep, it’s winter, which caused delays and extended arrival times as much as six hours. But, it appears our experience isn’t a one-time thing.

From worst...

In the Wall Street Journal’s (WSJ) Best and Worst Airlines of 2019, Scott McCartney, WSJ’s Middle Seat columnist, puts American at the bottom of the rankings, which makes the airline a basement dweller going on three times in the last five years. 

But in all fairness, American probably has the right to cry foul since it went through not only the 737 MAX issue but a push-come-to-shove contract dispute with its mechanics. That six-month long dispute only made matters worse when the domino effect of an average of 50 planes out of service, cancellations and delays, and stranded travelers started tumbling.

“We would not take our passengers and team members through it again,” David Seymour, senior vice president of operations at American, said. Fingers crossed, David.

...to first

What airline did McCartney think deserved first place? He gives it to Delta, as he has now for three years running.

McCartney noted that despite the weather and congestion, Delta raised its on-time arrival rate to 83.4 percent, up from 82.9 percent in 2018. That put Delta ahead of oft-awarded Alaska Airlines in the on-time category and 10 points ahead of last place finisher Frontier, a carrier that ConsumerAffairs reviewers consider more average than bad. It’s encouraging to read that Delta doesn’t use weather as an excuse where its peers might. 

“While the weather itself is out of our control, how we react to that weather, plan for that weather and work through that weather is certainly within our control,” Dave Holtz, Delta’s senior vice president over the airline’s operations center, told the WSJ.

Delta showed improvement in other areas, too, like cancellation rate. According to McCartney’s stats, Delta canceled just 0.7 percent of its flights in 2019 versus the industry average of 1.85 percent, down from 0.9 percent the previous year. On the flipside, Southwest, American and United all had cancellation rates higher than the average.

The Atlanta-based airline appears to be committed to staying ahead of the pack. Its CEO reaffirmed that commitment only last week at CES 2020.

Where’s Hawaiian?

When ConsumerAffairs saw McCartney’s picks, the first thing that came to mind was where the heck was Hawaiian Airlines given all the high marks other rankers have given it in regards to flight delays, safety, and overall satisfaction.

“If included, Hawaiian would be No. 1,” McCartney said, “But Hawaiian has a big chunk of its business in short hops between islands where the weather is, well, paradise. Such limited exposure to the mainland distorts comparisons. Hawaiian argues it should be included because it faces maintenance issues, baggage handling, crew scheduling and other aspects just like any other airline.”

Do you remember the first time you had to file a tax return? For most first-timers, it was a daunting array of too many boxes and what-exactly-are-they-asking-for numbers to track down.

Maybe -- just maybe -- the Internal Revenue Service (IRS) has turned a sympathetic ear to the demographic it’s going to have to deal with for the next 50+ years. As an entry point, the agency has upped its promotion of IRS Free File, a tax return specifically designed for first-time filers and part-time workers. 

The IRS says Free File might be the perfect thing for people looking to save money on federal tax preparation or trusting Uncle Sal to work his magic. It also means free electronic filing and free direct deposit, which the agency says is the fastest way to get a refund.

"Doing your taxes may seem a bit overwhelming, but it's not. Free File does the hard work for you. The software finds the right forms, finds any tax benefits and does all the math," said Ken Corbin, commissioner of the IRS' Wage and Investment division. "Here's a key tip: have all your income records like your Form W-2 ready before you start."

Step-by-step

Free File is best-suited to users under age of 30 with modest incomes and a limited list of deductions. For 2020, the Free File adjusted gross income limit is $69,000. Here's how it works:

1. On a computer or mobile device (yes, the IRS has made things mobile- and tablet-friendly) go to IRS.gov/freefile to see all Free File options.

2. You can use the Lookup Tool to help choose a Free File offer to file your taxes for free online. All that takes is a couple of minutes to answer a handful of simple questions about income, age, any applicable military pay, and state residence to find out which offers are available for you.

3. You may notice offers from tax prep services like H&R Block or TurboTax -- partners that, according to the IRS, set their own eligibility standards generally based on income, age and state residency. As an added plus, two products are in Spanish. 

As a side note, it may be helpful to do some extra homework about the tax prep services the IRS is partnered with. A good place to start might be ConsumerAffairs “Best Tax Software and Services” guide. If you search for “free file” on each company’s listing, you might find other consumer reviews or input from ConsumerAffairs’ Tax Software team.

4. Next, you’ll pick a provider and follow the links to their site to begin filling out your tax return.

And, like that, you’re done!

Getting ready

Yes, there’s some work involved in getting File Free-ready, but it’s generally simple stuff. Here’s what you should have ready:

• Before anything else, check with your parents to make sure they are not claiming you as a dependent. If they are, then you can’t claim yourself as a dependent, too. 

• Social Security number.

• Wage and income information (i.e. Form W-2 or Form 1099.) The IRS reminds filers that parts of college scholarships or grants may be taxable income.

• Documentation for all tax credits and deductions. That stuff is shifting sand territory at the IRS, so while some of what worked last year might be good-to-go in 2020, it would be a smart move to call the IRS and confirm what is and isn’t.

• For any and all electronic tax returns, filers are required to use their prior-year adjusted gross income as part of their electronic signature. “If you are a first-time filer over the age of 16, simply enter 0 (zero) as your prior-year income for signature purposes. If you filed before, your prior-year tax return will show your adjusted gross income,” advises the agency.

• And, by all means, get your bank account and routing number. The fastest way to get a refund is through direct deposit to a financial account.

And, remember…

The IRS isn’t the vulture it used to be portrayed as. It’s actually very accommodating and ready to help where it can. Consumers can get a list of phone numbers and times the IRS takes calls here. 

Keep in mind that the IRS has gone through a long, protracted cutback, and there’s fewer agents to help than there were in the past. Given that, there can be a wait depending on when you file, so if you’re reading this in late March, you might want to grab a snack.

Unemployment is at a 50-year low; inflation -- the official version, at least -- is low; and the stock market is experiencing all-time highs. But if you aren’t singing “Happy Days are Here Again,” you are in good company. Despite the good economic times, people still have lots of money concerns.

Discover Personal Loans has released a survey of consumers showing that 38 percent of American adults worry about money “very often” or “always.” Only 4 percent of the survey respondents claimed to never worry about money.

Digging deeper, the survey authors wondered if the way consumers are managing their finances is playing a role in their worry. It asked respondents to rate their money-management skills and found that 86 percent rated their money management skills as average, above average, or excellent. 

“However, we found that 47 percent of respondents were not at all satisfied or only slightly satisfied with their current financial situation,” the authors write.

What’s responsible for the disconnect? Could it be that we think we’re better money managers than we actually are?

Unexpected expenses

In 2017, the American Psychological Association (APA) surveyed consumers about the stress in their lives, and more than a third of them said unexpected expenses caused them the most stress.

That’s why it’s important to have an emergency savings fund to meet unexpected expenses, such as a car repair or medical expense. Last year, the Federal Reserve found that 39 percent of adults wouldn’t be able to cover an unexpected $400 expense or would be forced to sell a possession or borrow money to afford it.

The first rule of sound money management is to set aside some money in a reserve fund to meet an unexpected expense. That should help most people sleep better at night.

But a common complaint from consumers is they have no money left over at the end of the month to put into an emergency reserve fund. If that’s the case, that leads to another money-management step -- budgeting.

The survey results suggest that consumers realize they can do better in this area. It showed that 67 percent attribute their overspending to impulse spending. Seventy-one percent said they overspend the most on food purchases and dining out.

There are a number of digital tools available to help you manage your money, many of them free. Check out this one from Quicken.

If you are struggling to deal with a lot of credit card debt, a credit counselor may be able to help. Here are some recommendations from ConsumerAffairs.

In a bid to boost her sagging presidential campaign, Sen. Elizabeth Warren (D-Mass.) says she would not need the approval of Congress to cancel billions of dollars in student loan debt.

Warren said that as president, she could simply instruct her secretary of education to wipe out $50,000 of student loan debt for 95 percent of student loan borrowers. She says it could be done by modifying federal student loans.

At the same time, Warren said she would direct the Department of Education to crack down on for-profit colleges, predatory lending, and racial disparities in college education. 

“For decades, students have worked hard and played by the rules,” Warren wrote in a post to her website this week. “They took on loans on the promise that a college education would justify their debt and provide a ticket to the middle class.”

But Warren said the U.S.’ “experiment with debt-financed education went terribly wrong.” After four years or more in school, many borrowers found they were barely treading water as they paid off their student loans.

Skyrocketing tuition

Of course, colleges and universities are not exactly blameless. Because of the available loan money, these institutions have jacked up tuition far beyond the rate of inflation, mainly because they could. Students need a bachelor’s degree to enter the middle class, so they have to pay the price of admission. Colleges spent lavishly in the last two decades on administrative staff and creature comforts.

Both Warren and rival Sen. Bernie Sanders (I-Vt.) have been on the record for some time as saying they would eliminate a large portion of the nation’s student loan debt. What’s new is that Warren said she doesn’t think she would need Congress’ approval to do it. She says she could use executive authority to get it done.

“Our government has cleared far bigger hurdles to meet the needs of big businesses when they came looking for bailouts, tax giveaways, and other concessions,” Warren wrote. “Instead of catering to the needs of the powerful and wealthy, a Warren administration will make the system work for the millions of Americans who worked hard to get an education, only to be trapped in debt.”

Adding to the deficit

Presumably, the federal treasury would pay off the forgiven student loan debt, adding nearly $1 trillion to the federal deficit.

In making her case, Warren points out that the staggering student loan debt that millions of young people are paying has been an economic drag, preventing many people from purchasing homes.

Warren’s plan would cancel $50,000 in student loan debt for every borrower with household income under $100,000 and cancel a lot of the debt for everyone with household income between $100,000 and $250,000. 

Both Warren and Sanders would fund student loan forgiveness plans through new taxes.