[mamelukesabre]

No way out if you expect to actually pay it all back and maintain the current standard of living.

[JasonC]

The standard of living in the US will go up. It will be higher 10 years from now than today, materially so. Lots of people will have collected plenty of fair payments for their lent capital in the meantime - quite low ones early on, moderately higher ones later, that they will richly deserve.

Borrowing in a recession isn't a waste. Paying interest on capital isn't a waste. Investing in banks that pay it back in full with interest isn't a waste. Handouts to middle class voters who don't need it to buy their votes with their own money, now that's a waste.