It would wipe out over half my loan debt, because I was at least reasonably responsible in my borrowing.
Drop in the bucket for the Democrats constituency, though. The average laptop class Dem is carrying $60-100,000+ in debt on their moronic media and grievance studies graduate degrees.
Still not clear on how the executive can unilaterally spend, or fail to collect (which is spending), a couple hundred billion dollars just like that. Isn't Congress supposed to be the ones who decide spending?
I don't think the inflation hit would be that dramatic, remember the federal government hasn't been pulling in much of anything on loan payments in the last two years. This effect would be over time, though ultimately it is more money printing.
It's probably not going to really happen, though. They'll talk a big game before the midterms to buy votes, just like last time. And, just like last time, they intend to renege after the election. Especially when they get wiped out in Congress. It's Lucy and the football. The feds badly need to extract those loan payments and ultimately they're not going to stop.
Honor the agreements you make. Period.