> There are both immediate and long term consequences to the debt. In the short term we are paying a large share of revenue into debt servicing. We are all working months a year to pay interest. In the long term, we are impoverishing the next generations.

Only if your economy doesn't grow.

> The govt can debase the currency by printing money. That only impoverishes people , except for the wealthy, causing greater wealth gap.

It impoverishes lenders and savers, but not borrowers. It's not as simple as wealthy or poor, as any can be any.

that's not what's happened in the past 5 years. assets have ballooned. cost of living has skyrocketed. wages have not kept pace. Rich got richer, poor got poorer.