You’re not wrong.

Inflation happens when too much cash is chasing too few goods/services.

That probably won’t happen immediately, because student loan holders will probably spend on pretty simple and fairly elastic stuff like food, transportation, entertainment, etc.

But that money eventually ends up in the pockets of wealthier individuals who will compete more ruthlessly over luxuries, vacations, properties, assets, etc.

If you add $1.9tn to the economy, you better have a good idea of where that money will end up long-term, and have a plan to prevent it from pooling in one spot.

So I’d say any plan to eliminate $1.9tn in working class debt should probably come with a plan to increase taxes on the owner class who will ultimately suck up most of that $1.9tn.