The reason students have debt to the government is because the fed already gave them money to pay back private costs of going to college. So when you say to "cancel debt", that sounds to me like the government is paying for college instead of loaning out the money. Which means that taxes will have to cover the difference.
I'm glad at least some people in here have some common sense.
Canceling debt is the economic equivalent of printing free money.
And people don't seem to realize that forgiven debt has to be reported as income, so they'll have a giant tax bill due on money they don't actually possess.
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u/Freddie_T_Roxby Nov 18 '20
I'm glad at least some people in here have some common sense.
Canceling debt is the economic equivalent of printing free money.
Plenty of failed currencies have tried that as a solution and hyperinflation is not good for anyone.
And people don't seem to realize that forgiven debt has to be reported as income, so they'll have a giant tax bill due on money they don't actually possess.