Will Student Debt Forgiveness Bankrupt the Country?

Activists call on President Joe Biden to not resume student loan payments in February and to cancel student debt, in Washington, on Dec. 15, 2021. Paul Morigi/Getty Images for We, The 45 Million

Commentary

When debts become unpayable, they should be forgiven. That’s the opinion of Michael Hudson, a professor of economics at the University of Missouri–Kansas City. Regardless of the context, the idea of debt forgiveness sounds ludicrous to some. To some, sure. But not to all.