Harm to the politicians that like to spend borrowed money. [Edit: Remember that the US debt is constantly being refinanced at new (now higher) rates] Also remem

Harm to the politicians that like to spend borrowed money. [Edit: Remember that the US debt is constantly being refinanced at new (now higher) rates] Also remember that debt reflects money ALREADY spent and which therefore provides no additional value, while the ongoing cost of servicing that debt will climb and capture an increasing proportion of the national budget. If all goes well, this will result in reduced spending - but that's not likely. More likely is that this leads to EVEN MORE borrowing, which in turn causes MORE inflation. If we don't get a grip, this is what ultimately ends in a hyper-inflation death spiral as we've seen in other countries over the last 100 years. As the pie shrinks, the govt tries to preserve the absolute size of it's slice by spending more, which causes the pie to shrink still further.