Most Americans may not yet be too concerned about heavy government financing by enormous borrowing, the equivalent of printing money, and enormous outstanding debt that has to be constantly financed.
Funds for financing business and government are in a Zero Sum game. Funds needed by government to finance huge debt have to displace funds needed by industry. Economists of every stripe concede that. This problem will get worse when government has to raise its cost of borrowing from currently very low to more realistic, higher levels.
Governments can only overcome the accommodation for extraordinary spending and the potential problems they will entail, by expanding the economy. But if the government is heavily taxing while borrowing and literally printing money, it will be curtailing that necessary economic expansion.
To sum up: You cannot borrow forever without hurting expansion because you crowd out funds required for private business to operate normally. There will be business stagnation and inflation. Proof has been shown over and over for centuries. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole tweets.)
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