> 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.