Sure, if you defraud people by borrowing money and promising to repay, but later reneging on that promise, you can temporarily get richer, especially if there is no justice system that can force you to repay that debt. This is the situation the US government is currently in. That can work. The problem is that once people are defrauded, the trust is lost, and you might not be able to borrow anything from them for a long time.

In fact, it’s worse: you’re not only losing trust on the bondholders whom you reneged to repay, but also most everyone else who observed it happening. You’ll be only left with people who will require handsome compensation for observably very real risk of not getting paid back.

So yes, our children will either have to repay all the debts we took, or default and lose immense amount of food will and trust that we are exploiting by borrowing at low rates. Either way, we are enriching ourselves at the expense of our children.