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Back in the 1960s, in the US, $1 of debt generated $8 of GDP. Now, $1 of debt results in about 50 cents of GDP. What happened to the American economy?
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I'd debt is used to create infrastructure, boost education, give tax breaks to middle class and lower income classes, uplift people in poverty, the increase in economy is more than debt, as they spend it.
Giving tax breaks to wealthy, just results in hoarding of wealth in wealth management accounts, and thus the economy doesn't benefit as much.
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