That would help the economy. Imagine millions of people unburdened by debt. They would be able to use the money and put it into the economy…buying houses, services, etc. Not to mention the psychological pressure of living paycheck to paycheck. I would imagine worker productivity would go up because people are not stressed out and better able to focus on work.
In the USA, it is somehow okay to give a company billions of dollars but it’s called communism if you give one dollar to needy people. It’s trickle-down economics disguised. Bill Clinton, on the other hand, showed if you put money into the pockets of those who need it, it benefits society overall, not just the wealthy and large corporations. Decades of poor education and brain washing has brought us to where people are against their own self-interests.
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