Sophisticated Yet Humble
Well, the real issue is the underlying value of our currency. These days, the money supply is complicated.From an economic perspective, quantitative easing is easy and seemingly victimless. Keynes would even have you believe that it will stimulate business and you can therefore pay it back with the extra tax revenue, but I have never seen it despite several decades of unbalanced spending.Debt and deficits, for a country that prints its own money is a political construct, not an economic one.
Governments are almost always in the red with talk of impending financial crisis. A crisis that never seems to come.
As long as all the interest cost went back to domestic lenders one could make the case that it is largely a non-issue domestically but eventually, even suddenly, your currency has to take a hit and that costs everyone though it encourages domestic manufacturing over imports.
In my heart and head I believe it is wrong to mortgage our future no matter the various political party's views.
But the money is basically a claim on the whole nation's wealth. That's a lot. But it's not true that it's always some Chicken Little alarming about a crisis that never comes. The USA has had monetary crises in the past. Other countries have had much MUCH worse ones. How bad does it have to get before people believe in it? Well, once we have runaway inflation, we then have the opposite problem, people have to gain confidence in their money before it will stop.
One of the problems with money is that it is a dynamically UNstable system. And it's also true that if you're borrowing a dollar to spend 25c on interest on the money you already borrowed, and another 25c on useless bullshit, and you can't convince the household that you need to at least slow down on the borrowing, then you're headed off a cliff.