By what authority does the President have the power to forgive student loan debt? Our Constitution grants Congress the power to tax and spend, not the President, and surely the forgiveness of student debt is spending money. In addition to the President’s action being unconstitutional, forgiving student debt, even for those with incomes below $125,000 per year, will mostly benefit people with above average incomes. It’s also a slap in the face to those who have already paid off their debt or who saved and never went into debt. It also sets a terrible precedent. Students who go into debt in the future will be encouraged to not pay their debt in hopes that it will be forgiven. Democrats should not feel good about this. At some point in the future there will be a Republican President who will have the same power.