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We could just forgive the debts. We don't need a compensating tax when inflation is this low.

This would be a slap in the face of some people who went to school and worked odd jobs to pay for tuition.

Not doing it would be devastating for the economy in the long run.

It's a hard choice but macro is more important than micro in these decisions.

Its a mistake in the long run to socialize risk. These former students are defaulting because the courses they took have no value in the marketplace.