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Biden can try to buy votes cancelling student debt. The debt probably would have been repaid. His “Jubilee” was ruled illegal by the Supreme Court. Another anti-legal action motivated by political calculations.
The National Debt is not so easy. It is too big to be paid. It is like a family credit card that can not be paid off. The minimum monthly payments are made, paying the interest, but the balance is never reduced. It is a mortgage collateralized by “the full faith of the [irresponsible] nation.” Thin air. And nobody offers any plan by which the nation might actually repay it.
US debt is mostly owed to The Rich and The Financiers. If the government says it won’t pay it, much or most of the real wealth of those people and institutions disappears. Poof!
At current course and speed, it is a matter of when, not if.