If you watch TV, read the paper, or follow politics on the internet, you already know that yesterday, "Give Away" Joe announced that he was "forgiving" (actually having the federal government pay for) $10,000 in student loans for anyone making less that $125,000 ($250,000 for a couple filing jointly). His nominal authority for this is an old law allowing the administration to cancel and payoff certain debts during a time of war or emergency. The WuFlu pandemic (which is really over now, although the disease persists) was cited as the emergency in question. The estimated cost of this is between $230 billion (with a "B") and $1 trillion (with a "T") over 10 years. I can't possibly do comprehensive citations; if you like, there are some here, here, here and here.
I can't imagine worse economic policy, and a list of reasons would take up the whole page, but among the top items are that it's a giveaway from the poorer, less well educated to the wealthier, educated higher income groups; it totally wipes out (and surpasses) any of the largely imaginary deficit reduction aspects of the new Orwellianly named Inflation Reduction Act; it totally vitiates the sacrifices of people who actually worked their way through school, people who paid to put their children through school, and people who worked hard to pay off their debts.
The Jubilee (Hebrew: יובל yōḇel; Yiddish: yoyvl) is the year at the end of seven cycles of shmita (Sabbatical years) and, according to biblical regulations, had a special impact on the ownership and management of land in the Land of Israel. According to the Book of Leviticus, Hebrew slaves and prisoners would be freed, debts would be forgiven, and the mercies of God would be particularly manifest.
Rabbinic literature mentions a dispute between the Sages and Rabbi Yehuda over whether it was the 49th year (the last year of seven sabbatical cycles, referred to as the Sabbath's Sabbath), or whether it was the following (50th) year. The Jubilee ("Year of Release") deals largely with land, property, and property rights.