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There's a lot of disagreement in the modern world about the validity of MMIT and how "real" debt is - but the debt in first world countries is still a real issue and essentially acts as a wealth transfer to the rich - private individuals and companies own that debt and earn interest on it that tax payers (bear in mind that the rich contribute relatively little overall taxes) have to service.
The deeper into debt we go the less spending power we're left with.
Not necessarily. As long as the debt is invested well, it is absolutly fine. If the debt is used to increase the size of the economy, that means more taxes and hence the debt can pay itself. The other scenario is the government investing into something, which increases in value. Keep in mind that the governments rates are lower the private rates, so if a government builds a lot of housing for its citizens, that increases debt, but is still cheaper then everybody building their own housing themself. Similar effects can be had by buying companies.
Debt is a tool, it can be used for both good and bad. It really depends on how good the government is.
That I absolutely agree with - debt that is taken on as an investment can be well worth it and, imo, a lot of our government debt is well spent (outside of military bullshit which is deeply wasteful).
The issue is that debt needs servicing and if it's wasteful spending we're committing to paying back more value than we're borrowing. I'm not an anti-debt person, I think borrowing for investment is a generally good idea - I'm just opposed to a certain vein of modern monetary theory that declares that US debt is unlimited and free because the world runs on the US dollar.
MMT would claim rather simply that the debt can be paid back by printing more money. More money in the system means more people are employed. If you have full employment, more money leads to inflation and to fight inflation governments need to raise taxes, to take money out of the system. Obviously taxes can not be raised to infinity.
So no MMT does not claim the US can just borrow money without long term costs.
Ok but the govt is funding genocide, not housing.