There’s a different way of looking at the impact on households of different income levels: how much debt do they have relative to their income? Broadly speakin

There’s a different way of looking at the impact on households of different income levels: how much debt do they have relative to their income? Broadly speaking, that top 40% pays back more than their share of the debt. That tells me that people in that bracket pay it off relatively quickly and are replaced with new debtors, whereas the bottom 60% takes significantly longer to pay off their debt. I paid my loans off about four or five years after I graduated. Forgiving my loans would have been nice but not life changing. But if you’re a family in that lower 40% bracket who struggles to pay your loans off for decades, forgiveness would impact your life more — even if the amount of money was less in absolute terms.