The Meme that Refuses to Die: Government Debt Must Be Paid Back
No it doesn't. It almost never is. To pay back government debt, you have to run a budget surplus, and while there may be modest surpluses from time to time, they don't add up to more than a minuscule fraction of all the accumulated debt. But don't take it from me, look at the record :
Governments that issue their own money don’t have to pay off their debts. They actually can’t. In fact, they issue money — the money that’s necessary for a growing economy to operate — by deficit spending.
That leaves the idea that future net ("deficit") govt spending is constrained by previous net govt spending - the idea that "future tax payers will get less".
The evidence is very much to the contrary. Govts, if anything, constrain current spending by debt to GDP ratios (a bit like why you spend more than when you were a teenager). The GDP component of that ratio mainly increases with human skills and education. Apart from natural resources, there isn't really any other significant source of economic growth.