Student loan forgiveness is not being "paid for", because no money is changing hands. It is debt that is being forgiven. The government is not paying money out for this, because it is already spent.
Your taxes keep going up because you are making more money. It's not a bad problem to have.
Federal spending tripled since 1970, after accounting for inflation and population change. State governments have done much the same.
>Student loan forgiveness is not being "paid for", because no money is changing hands.
My that measure, my bank shouldn't mind if I don't pay my mortgage. After all, new money isn't being spent.
That's silliness. Your bank is not going to forgive your debt, so that will not pan out for you. Biden is forgiving the $10,000 in loans, so that will pan out for the recipients.
The money had to come from somewhere. At the very worst case it's dilutive printing that is an invisible taxation (via inflation).
Keep in mind the hierarchy of the federal reserve, which is split into banks, which have at least some percent of private ownership. While the government can "forgive" the student debt, it must keep the debt owed to the federal reserve on it's balance sheets (deficits and debts). The Federal Reserve (afaik) is not forgiving that debt. Therefore some where, someday, someone is going to have to pay off the that government debt (and along the way the interest accruing)