No, we can't make the argument without MMT.

The Biden administration has left cancelling student debt unfinished precisely because of faulty reasoning MMT was best suited to rebut. The key issue in this clip runs deeper than inflation. If you go to the core of the issue, you can work your way back up to the inflation question. See how the first piece is done by Biden against Bob Good .

This "running out of money" argument is the Democrat/Republican consensus that prevented full cancellation. See it being used on all sides here:

Larry Summers (Harvard) lays it out plainly.
Jason Furman (Harvard) applies a more sophisticated version.
Sylvain Catherine (Penn) and Costantine Yannelis (Chicago) builds the 'regressive' argument on it.
Ted Cruz (Harvard) framing his legal challenge .
Their common root is the Reagan/Thatcher/Clinton consensus.

Mass acquisition of how to debunk these arguments with overt reference to MMT is key to success in January.

Sources

VAProgressivesVAProgressives @VAProgressives
Thank you @POTUS for not restarting payments on those with the biggest student debt burden. Make the pause permanent. #CancelStudentDebt #CancelAllStudentDebt .
https://youtu.be/XAMzYvvVJ7g
TwitterTwitter | Jun 10th

  Lawrence H. SummersLawrence H. Summers @LHSummers
Every dollar spent on student loan relief is a dollar that could have gone to support those who don't get the opportunity to go to college.
TwitterTwitter | Aug 22nd

Jason FurmanJason Furman @jasonfurman
Student loan relief is not free. It would be paid for. Part of it would be paid for by the 87% of Americans who do not benefit but lose out from inflation. Part of it would be paid for by future spending cuts & tax increases—with uncertainty about who will bear those costs.
TwitterTwitter | Aug 19th

Sylvain CatherineSylvain Catherine @sc_cath
Our op-ed on student debt cancellation with Constantine Yannelis. Our research shows that untargeted student debt forgiveness would transfer hundreds of billions of taxpayer dollars to high-income households. We discuss smarter ways to tackle the problem. https://thehill.com/opinion/education/3545917-canceling-student-debt-for-everyone-is-bad-policy-and-bad-economics/
TwitterTwitter | Jul 5th

Ted CruzTed Cruz
Sen. Cruz Issues Statement on Biden Admin’s Illegal Student Loan Debt Cancellation | U.S. Senator Ted Cruz of Texas
WASHINGTON, D.C. –U.S. Sen. Ted Cruz (R-Texas) today issued the following statement in response to...

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