We need a massive stimulus, but congress is in a position to kneecap the size and scope of what the stimulus can be. A Biden administration is in a difficult spot, do they fight for the size of a stimulus required right now and risk getting nothing at all, or do they settle for something much smaller than is needed and risk never being able to get anything else in the future?
Unlike these other paths towards stimulus, student debt cancellation is something Biden can do without congress being able to stop him. Even if the first round is something pitiful, like $50,000 or $10,000, it is a well they can keep going back to to do more. But they should cancel it all right up front, maybe even as soon as a large stimulus fails.