The total amount of debt is about 1.5 trillion right now. Some people argue that the people that would have their loans forgiven would obviously start spending, which would lead to substantial increases in the economy like in home ownership, so it would be an overall benefit to do this. But what would happen to the banks here or other financial institutions that wouldn't get those loan payments anymore? Could they actually just eat the cost and be ok? Would there be massive bank failures? What would happen then? And are there any alternatives?
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