There is no such thing as a free lunch. Money is not created out of "thin air", all that is happening is that the present generation is borrowing from the future generation and generations that are yet to be born. The young and unborn subsidize the old.
The way this kind of borrowing shows up in society is in low marriage rates and smaller families and eventually lower birth rates as people cannot find the stability or financial ability to start families or even to establish stable relationships, which eventually leads to low consumption as your demographic basis simply needs less of everything.
As long as you have political will you can keep kicking the can down the road at the cost of a declining population. In liberal western societies this is partially made up by immigration from developing countries, but that creates another host of issues and tensions between recent arrivals and natives.
Money is free, but it is not a lunch. You can't eat it. It doesn't actually do anything at all by itself, which is why you CAN create it out of thin air!
What matters is real productive capacity. Factories that build stuff, fields that grow crops, people learning skills. If next year, we have shuttered factories and fallow fields and a less skilled workforce - then the future has paid the price!
Perhaps the government saves the future by borrowing today. The Fed issues bonds, Jeff Bezos buys them, and in 50 years Jeff Bezos's kids own bonds, that yours and my children pay for through taxes. But that is a wealth transfer between people in the future, not a transfer from the future to today.
The way this kind of borrowing shows up in society is in low marriage rates and smaller families and eventually lower birth rates as people cannot find the stability or financial ability to start families or even to establish stable relationships, which eventually leads to low consumption as your demographic basis simply needs less of everything.
As long as you have political will you can keep kicking the can down the road at the cost of a declining population. In liberal western societies this is partially made up by immigration from developing countries, but that creates another host of issues and tensions between recent arrivals and natives.