The modern debt jubilee is inflation, which, as a sibling comment points out, is what your comment is suggesting and also what the government is likely to do.

The modern debt jubilee is inflation, which, as a sibling comment points out, is what your comment is suggesting and also what the government is likely to do. Give everybody lots of money, some debtors will use it to pay off debts, others will buy shit with it, regardless it all goes into the economy and raises the price level, and then everybody's nominal debts are worth less in real terms.