Blanket student loan forgiveness is redistributing wealth upward

[Jerry2144]

115. To an extent it is

If Bezos got an extra 10k, he wouldn’t notice it. But anyone at the lower end of the scale would notice that 10k and would spend it. The people who make enough that their needs are met would take the saved student loan payment and send it back into the economy since they don’t have much extra to invest.

There is some dollar amount that would make sense for this write off of loan payments, but it depends upon local cost of living. 100K per year in a small town like Las Vegas, NM is a bunch of money. But 100k per year in Las Vegas, NV is not as much.

Making the plan too complicated for anyone to apply or the government to administer or not generous enough causes it to skip too many people and cause harm you more people than if it were too generous. But this only works if the millionaire and billionaire classes pay their fair share.