CONSUMPTION? We find sharp increases in mortgage, auto and credit card spending following loan forgiveness ($0.09 per $1 of forgiveness). 9/13

Causal effect on LABOR SUPPLY: Over 6 mos post-forgiveness, borrowers earn $44 less (2%), effect growing over time. 6/13

Note: This was not the broad forgiveness plan that was struck down by the Supreme Court. Instead, it came through a variety of admin. reforms and expansions. 2/13