America needs a real debt jubilee

Credit where credit is due. Canceling outstanding federal student debt up to $50,000 unilaterally via executive order is exactly the kind of bold step that most of his left-wing critics had suggested President-elect Joe Biden would be reluctant to undertake. (It is even harder to imagine Sen. Bernie Sanders, who has spent most of his political career insisting upon a minimalist understanding of executive authority, being comfortable with it.)

This is not to suggest that there is anything especially courageous about Senate Minority Leader Chuck Schumer’s hinting at this as a possibility in the early months or even weeks of a Biden administration.


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