Context: Rising debt is fine so long as it protects the economic capacity of spenders and Public spending; however, must be sensible, not based on infinite spending.
Issues with rising debt:
Arguments in favour of excessive government borrowings: Favoured by the Modern Monetary Theory (MMT).
Arguments against the MMT:
Way Forward:
Conclusion: While on the one hand, total austerity is also not desired, but public spending should target to protect the economic capacity of households and firms during the pandemic.