Eternal stagnation: if you don’t “purge” your debt with default or inflation or currency depreciation, THEN you draaaag that debt along with you forever. That forces the country to keep interest rates super low, because any increase of rates crashes the economy due to the huge and fast effect on the debt service.
Wild card: If your interest rates are consistently low, then you’re forcing people into risky assets. But more to the point, if real interest rates are consistently < your real inflation rate (the real one that we experience, not the guilded-lily version the government publishes), then you’re impoverishing the retirees (a group which will continue to grow in size for the next 25 years or so) on Social Security.
Somehow I don’t think that ends well.