The debt to GDP ratio has also been increasing since the end of the Cold War.

> Unlike people, governments don’t have a fixed lifespan, so it’s not like the current generation is going to be on the hook for it when they’re older.

Never paying down the principal doesn't get you out of paying the interest for your whole life. Recapitalizing the interest doesn't do that either, because that's an opportunity cost which could otherwise have allowed for spending or tax relief at the same level of outstanding debt.

And if government spending was perfectly optimal, it will continue to increase to the most productive level possible.

> The debt to GDP ratio has also been increasing since the end of the Cold War.

The principal and the interest are continually repaid and reissued.

Every dollar of public debt is immediately put to use in the economy. Public debt is also incredibly cheap to service. Ideally public debt would always be as high as you could possibly make it, and would be put to the most productive (growth stimulating) use possible. It’s very easy for the government to spend money in a way that offsets the cost of its debt. Now, you could debate how good the government actually is at spending money, but that’s a seperate argument to the economic utility of public debt.

Think about how crazy that is. We were in a multi decade arms race with a super power and after ‘winning’ we never bothered to slow down our military spending.