there is also an ethical question of who gets to decide how loans are spent. The traditional ethos of the United States, at least, has been of 'no taxation wit

there is also an ethical question of who gets to decide how loans are spent. The traditional ethos of the United States, at least, has been of 'no taxation without representation' - you must be able to have a say in how the money taken away from you is spent. It is, of course, impossible for future generations to go back in time and vote for how the borrowed money they are responsible for is spent.