Spending should never be premised on its effect as stimulus. Much good spending can be wisely timed to meet available human resources, and pols will call such timely spending "stimulus," but policy should focus on the quality of the spending. The New Deal was such a great success because the biggest projects were timely major infrastructure upgrades.

Student loan forgiveness should be good spending, which means Uncle Sam should GET something for it. A whole lot of people relieved of debt is "something," but it is not nearly enough. Debt forgiveness should be targeted. Public service, broadly defined by negotiated legislation, should be the basis for loan forgiveness, and, indeed, for retroactive tuition relief however financed. Whatever roles Congress agrees we don't have enough smart, educated people filling should be rewarded with payment for that education. Wall St. lawyers, not so much.