Try to explain that to many of our stupid school graduates and all you will see is a blank stare. Their debts are as illusionary as their degrees are valuable.
Sure - and they don’t even understand how their current circumstances were shaped by that whole episode. We’ll see something similar play out now with this Red Chinese virus; the debts these governments at various levels are running up to keep their workforces paid while raising little revenues will cripple them for decades.
Nobody wants to pay taxes to deal with paychecks to government workers that are further in the rear-view mirror every year - the same way NJ, NY etc. are crippled by payments to retirees who left the government workforce decades ago.