In real life, the student loan debt cancelation will not affect economics at all. For the past two years student loans have not been paid, and it was not the cause of inflation. Half the borrowers will no longer have payments, and half will continue to pay, but for a shorter period of time.

And students taking out new loans, will have student loan payments starting the next day. It is not free college forever. (which would be a better policy).

Students are not getting a check for $10k, nor are the schools. No one is getting a check. Government spending is not going up.

Whatever percentage of federal income relies on student payments cannot be substantial, or at least it should not be substantial.

HOWEVER, you are absolutely right about the political fall out. Dems think they are buying 20 - 40 million votes, but people vote out of fear, not gratitude. I don't think we will see an uptick in votes from student borrowers this November.

And people without a college degree (a huge and shocking percentage) are royally pissed off.

I am not against the debt cancelation, but it was played very poorly.