Green Party candidate Jill Stein told CNBC on Wednesday she is the only 2016 presidential nominee who is free to provide the medicine the economy needs.
“As the only candidate that is not poisoned by corporate money lobbyists or super PACs, I can actually stand up for what it is we need,” she said in an interview on “Squawk Box.”
She said the United States needs an emergency jobs program like the New Deal — “a green New Deal” to solve “the emergency of climate change,” and a cancellation of student debt to “liberate a generation to lead us forward to the economy of the future.”
She said she would also make higher education free and make health care universal through a Medicare for all system.
The student loan forgiveness program could be paid for through aquantitative easing program in which the Federal Reserve would buy up student loans and agree not to collect on the debt, according to Stein.
“So essentially it’s an expansion of the money supply, but in a way that actually unleashes enormous productivity. This is basically the stimulus package of our dreams,” she said.
To be sure, the Federal Reserve is an independent government agency that devises monetary policy in accordance with its dual mandate of promoting price stability and maximizing employment. The president cannot dictate the Fed’s asset-buying programs.
Federal Reserve cannot buy student loans because Federal Reserve doesn’t have reserves, and it’s not a bank, is an independent entity within government created by Congress and the President can’t tell the Federal Reserve how to buy back assets.