Standalone student debt forgiveness is a terrible policy, and I can’t get my head around why intelligent people are supporting it.
For reference, Chuck Schumer suggests Biden could eliminate student debt via executive order. Note that this is NOT part of a comprehensive plan to make college more affordable, so after this executive order prospective college students would still need to take on enormous amounts of debt. It would do nothing to solve the problem.
Proponents talk about the boost to the economy, but of course borrowing money from future taxpayers and handing it out to Americans to spend will boost the economy. The question nobody seems to be asking is, Why should the money we borrow from future taxpayers be given directly to people with college degrees, and therefore a higher earning potential than their less educated peers? Why is a handout to the middle class a better way to boost the economy than, say, giving $50k to everyone living below the poverty line? Especially during a pandemic where people without degrees are more likely to be unemployed?
It’s a solution in search of a problem, and will leave many actual problems unsolved.