I forget his name, and am too lazy to look it up right now, but a founding father of our country said we can establish legitimacy economically if our government went into debt, and paid it off.
At some point it became acceptable to run deficits. This is a result of society learning to live with debt. Since so many people live by credit card, naturally the government does too.
The government is simply an example of us. We may not want to accept that, but it is.
The idea that money is debt, is an oversimplification. Just because money exists does not mean our government needs to have a deficit.
The big mistake people make is to actually think dollar bills are money. Or that gold is "real" money.
But again that is an oversimplification. The fact of the matter is everything is money. Dig up dirt, bag it up, and sell it as top soil. Dirt is money.
Those dollar bills and bank account numbers are only a representation of that value. It is not the real money. And that is why you do not see wealthy people sit on large piles of cash. They buy stocks, real estate, and other assets. (And yes even gold.) If the value of the dollar drops, their asset's real value is not reduced, and inflation has not touched them.
The only real benefits are that we get it now, (whatever it is the government wants,) and an investment is created.
If there was no debt, there would be no bonds, nor would there be any interest on savings accounts, and no more CD's.