The real consequence of debt is that in the future you will receive less than you earn in 1950 anyone who would get up and go to work could make a descent wage. Get a job that same week. One income would pay for a home, a car, and send the kids to college pile on debt you are transferring future earnings into present consumption. where the government is involved the current consumption is re-distributed in the form of entitlements. some of this re-distribution is done by means of inflation -- increasing the debt by creating ever more and more...