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In fact, in contrast to not harming people, it actually has the potential for a great boost in economic activity. Giving money/erasing debt for low income/middle income people tends to result in local spending. These people don’t hoard wealth like occurs when you give rich people or corporations tax cuts.

But it helps many people, at the expense of predatory corporations, and the GQP cannot allow that.

It harms the banks, which harms rich people, which harms politicians because rich people threaten.. er, lobby them concerning campaign donations, SCOTUS has shown repeatedly in the last 2 years that they're firmly in the pocket of a certain political party with rulings which enable them so they wine and dine Clarence Thomas and the rest (Google "Clarence Thomas corruption")

If you think any of this has to do with how your life might improve you've not been paying attention.

Aside from the "it's not fair" argument (which IS a fair argument), my reason for being against debt forgiveness is that it hurts everyone, especially future generations.

The cost of colleges has exploded at least in part due to the federal government subsidizing the cost. If a thing costs $10, and the government promises to pay for $5 of it, then without price controls that thing tends to increase to costing $15.

Now if we have a federal government that has opened the door to paying off thousands of dollars in loans? Schools are going to get massively more expensive.

Not only does it not fix the problem, it is actively making the problem worse for future generations.

I think there's also some merit to the idea that people with college degrees are generally more well-off than those without. Being "poor" because you make six figures but have a lot of debt is a VERY different situation than being poor because you just don't have any money. I think the money allocated to paying off student loans could go to people who need it much more. Like people who never even had the opportunity to go to college.

The whole concept is a very "fuck you, I got mine" idea, something we millennials have always criticized boomers for. But now we're doing it, in a big way.