So students who chose expensive degrees that haven't led to gainful employment are merely "unlucky." And because employers don't appropriately value their degrees, the government must subsidize these poor graduates. The economists dismiss concerns that loan forgiveness will cause colleges to raise their prices, noting that more than 70% of undergrads attend "public colleges, which are not profit-driven and often have statutorily set tuition." As if state schools don't try to sop up as much federal money as they can. The CEA report adds that "student debt relief could boost consumption" in the short-term and make it easier for young borrowers to afford homes. But the economy isn't suffering from under-consumption these days, and the White House is already flooding the zone with $2 trillion in annual deficits at full employment. Even Keynes would cringe at that one