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> It would be perfectly straightforward to fund that entirely by raising income taxes on the highest earners.

Even if you do that, you're still getting inflation. That'll hit everyone -- not just high earners. Loan forgiveness and payment pauses free up a fair bit of middle class budget and therefore increase the velocity of money.

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The idea that reducing inequality by redistributing the massive gains of the very wealthy to those who actually produced them will raise inflation by a degree that makes it hurt people more than it helps is propaganda with no basis in fact.

So sure, maybe there will be some inflation. But having a $150,000 debt canceled, while seeing 0.03% additional inflation, still nets out positive.

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