I haven't read the thread, but I assume there's some discussion of student-loan forgiveness.
I'll park this here:
https://www.slowboring.com/p/the-case-for-canceling-a-lot-of-student
I disagree with Matthew Yglesias here, but I think his take is a good start to a potentially productive discussion.
General principle: there are normally two pretty good reasons to transfer money from one class of people to another:
1. The transfer is progressive and helps even out income/wealth distribution.
2. The transfer spurs useful economic activity by making unaffordable transactions more affordable.
My initial take on student-loan forgiveness.
1. Transferring money to college grads is not progressive. We should transfer money to the homeless, not to architects and accountants.
2. Subsidizing decisions people already made in the past doesn't stimulate useful economic behavior. If we're going to subsidize tuition to promote college education, it should be current and future tuition, not past tuition.
Matt's take:
1. The transfer wouldn't be from non-college grads to college grads. It would be to poor college grads (or drop-outs) from people better off than them. While this will never be better than giving the same amount of money to homeless people instead, it might be better than nothing.
2. [I don't think he really has an argument on point #2.]
The part of Matt's take that I might be persuaded to come around on.
This is kind of like the minimum-wage argument. Minimum wage laws are plainly inferior to obviously better alternatives such as a basic income guarantee. (I'll skip the argument on that; for purposes of this exercise, just take it for granted.) But just because minimum wage laws are stupid compared to better alternatives, that doesn't mean they're stupid compared to doing nothing at all. It's possible that all of the better alternatives are politically infeasible, so the choice isn't between (a) something kind of dumb but maybe with some value and (b) something much better. The choice is instead between (a) something kind of dumb but maybe with some value and (b) nothing. In that comparison, it's possible that the first option wins.
Student loan-forgiveness will always be inferior to an alternative that better satisfies either of the two general principles stated above. But it
might not be worse than doing nothing. (I still think it is, but I'm open to "might.") And the thing with student-loan forgiveness is that it could be much more politically feasible than any better alternative. A federal homelessness-relief program probably requires an act of Congress. A student-loan forgiveness program might require only an executive order. (I haven't evaluated the legal argument; I just know that some have made it.)
(Though this raises the separate issue of whether the executive should use orders to effect policies insufficiently popular to be enacted legislatively.)
So is forgiving (some) student loans maybe better than doing nothing? As a general rule, I think doing nothing is a vastly underrated option in most contexts. Doing nothing is effortless, costless, and it's hard to screw up. Doing something has significantly more potential to go wrong. But I suppose I'm not ready to rule it out entirely, depending on the details.