Forgiving student debt sends the signal that educational investment is worthless because it cannot return the rate of the money borrowed to finance it. That may actually be true but then what is the value of the credential?
It will create a boom in worthless degrees and ruin the lives of students who waste their time on them, for the years thus destroyed can never be recovered. On top of that "education" will be the next subprime bubble.
Because there's no real return these policies are zeroing out the future, for interest rates carry information about the use of time, and no cost borrowing will incentivize kids to spend years or even decades as students. Loans should tell the truth about the future not lie.
The one asset that government can't create is time. Not even Communism pretends it can. But they can waste time. And that's exactly what distorting opportunity prices does.
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