Do you acknowledge the failure of prohibition?
Having a government which restricts personal freedoms too much for the sake of "societal good" may work in the short term or for specific issues but is clearly a negative in the long and broad terms. See the "west" of today for evidence of personal freedom combined with not-overly-restrictive-legislation being the most successful method of handling these things.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2424288/
https://treatmentmagazine.com/cannabis-2020-this-isnt-your-d...
If the <current government> was doing good things that the people wanted during the entire term, then they would not need to resort to moves like this alleged one when the vote is coming up. It's only if they're not doing good things that the people want that they would dangle something shiny to the electorate.
I would be surprised if there is not some string attached to this that doesn't take place until after November. That's a good thing though, becuase it was seeming more and more like the current administration was sabotaging itself. The Democrats need the youth vote.
https://iop.harvard.edu/youth-poll/47th-edition-spring-2024
Young people always have bad turnout anyway, so it doesn't matter if they find a new excuse to have it.
(Also they did do student loan reform via SAVE and have forgiven about 9% of loans IIRC. Probably shouldn't have though, it's inflationary, and as you can see from the above poll nobody even appreciates it.)