“Here’s the thing. People think that the President of the United States has the power for debt forgiveness. He does not…. [H]e does not have that power. That would have to be an act of Congress.”
Is this the perspective of a conservative legal analyst? A Republican politician? Nope. Those are the words of none other than House Speaker Nancy Pelosi, explaining to reporters last year why President Biden doesn’t have the authority to end student debt.
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Ten to 20 years from now, we will not be talking about impeachment, and believe it or not, we won’t still be talking about Donald Trump either. We will be talking about our debt crisis. For all the good that came from this era, the Bush, Obama and Trump administrations will all be remembered as the ones that caused the crisis that will hammer our children and grandchildren. To understand where we are, it’s helpful to review the past few years of this issue’s development.
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