I think any cancellation of student debt will backfire with the millennials big time, not to mention the rest of the populace.
This would infuriate all the people who diligently paid their loans off. They will feel as though they got played for suckers for doing the responsible thing.
This would also infuriate all those who did not have the opportunity to go to college for whatever reason. Why should they be on the hook (with their tax dollars) to pay off student loans for some overprivileged kids?
What about those in the workforce who struggle to pay down their car loans, their mortgages, their credit card debts? How will it go over with them that Johnny next door, who still lives with his parents at age 30 and works part time at the Chipotles, gets his debt wiped out?
There are going to be a lot of people very angry if this happens. Am I the only one seeing it this way?
Think about how loyally the liberal arts majors vote Dim (obviously not including MBA holders where are technically liberal arts degrees). People with worthless college degrees because much of their college "education" was really Dim indoctrination, will learn to hate that indoctrination year after year after year if they have to pay for it year after year after year. The Dims can't let that happen. They need the indoctrinated to never take the red pill that comes from experiencing real life consequences of their devotion to the indoctrination. Having the gubment wipe away student loans breaks the indoctrinated from taking the red pill of reality.
The Dims aren't as worried about losing other voters as they are their loyal college indoctrinated voting bloc.
There are also college graduates that choose to go to a less expensive state schools than private universities like my son did.
He chose to save himself $47K/year by going to UNH as opposed to WPI.
So, this action IMHO will piss off more people than it helps.