The alternative, an economy where borrowing is hard, would be even worse. Such a system would basically amount to feudalism, where the wealthy perpetually own

The alternative, an economy where borrowing is hard, would be even worse. Such a system would basically amount to feudalism, where the wealthy perpetually own everything and everyone else needs the support of some wealthy lord to proceed with a project. Moreover, an economy slowing down is a bad thing even if you ignore debt. A small but noticeable example in the USA this year are the COVID-induced supply chain disruptions. An economy that slows down is an economy that will delivery fewer goods and services, and in the extreme it means not finding the things you need when you go to the store (it is hard to forget the empty shelves in supermarkets earlier this year). Nobody should delude themselves into thinking that debt is the reason we cannot afford to pause the economy for an extended period of time.