Student loan debt forgiveness likely has a multiplier close to zero.
Forgiveness is taxable. If this negative cash flow effect outweighs interest savings would even be net negative. And wealth effect small in short run.
Arbitrary/regressive $1T for ~$0 GDP, not a great idea.
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Cancellation isn't always taxable, and it certainly doesn't have to be. This is something that the president could handle at the same time as any administrative debt cancellation, as another executive agency (Treasury) has authority over this. 1/2
Eg in 2020, it ordered no tax on any student debt (fed or private) cancelled by BD OR lawsuit irs.gov/pub/irs-drop/r
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If cancellation were taxable imagine how much we could collect from all those Karens
To boil it down: Rule by executive dictate. No thanks.