Do you like the idea of insolvent pension funds that suddenly lose their debt assets? Moral hazards from people who start taking on loans they cannot afford un

Do you like the idea of insolvent pension funds that suddenly lose their debt assets? Moral hazards from people who start taking on loans they cannot afford under the assumption that more cancellations will happen? Higher interest rates and more aggressive collections/foreclosure efforts from lenders that must now account for debt cancellation? Canceling debt does not make wealthy "see red." Long-term it would harm those who initially benefit from the cancellation by leaving less credit to go around and forcing people at the lower end of the income scale to accept less favorable loans. If you want to upset the wealthy, you can do any or all of the following: 1. End stock buybacks. These sound nice in theory but in practice they have promoted short-term thinking and have disproportionately benefited the wealthy. 2. Eliminate the long-term capital gains tax rates and treat all capital gains as income (perhaps with some provisions for retirement income). 3. Treat cash loans backed by financial assets (stocks, bonds, investment properties, etc.) as income (many wealthy people use loans backed by their investment portfolios to avoid paying income tax, and their heirs pay no capital gains tax because of cost-basis adjustments), with possible exceptions for loans that are immediately invested (to allow for leveraged investment strategies) and exceptions for mortgages that pay for a personal residence. 4. Eliminate the various industry-specific carve-outs introduced in e.g. the Tax Cuts and Jobs Act (which were nothing more than a corrupt way to buy votes from various senators). and so forth. We have accumulated decades of policies that favor the wealthy, and as a result the income and wealth gaps have exploded.