And, it crowds-out government investment in R&D, Infrastructure and education

(Veronique de Rugy, PhD in economics from the Panthéon-Sorbonne University, George Gibbs Chair in Political Economy and Senior Research Fellow at the Mercatus Center at George Mason University and a nationally syndicated columnist, “Debt and Growth: A Decade of Studies,” pg online @ https://www.mercatus.org/research/policy-briefs/debt-and-growth-decade-studies //um-ef)

A further cost resulting from increased government borrowing is the crowding out of public investment as growing interest payments consume an ever larger portion of the federal budget, leaving lesser amounts of public investment for research and development, infrastructure, and education. In fact, the Congressional Budget Office (CBO) predicts that by 2049, the cost of paying the interest on the nation’s debt will be the third-largest budgetary item after Social Security and Medicare, constituting almost 6 percent of GDP. The combination of reduced private investment and crowding out of public investment will have negative effects on social mobility as Americans find it harder to buy a home, finance a car, or pay for college. Reduced investment, lower productivity, and declining social mobility will continue to drive down the growth potential of the economy.