Very much on point. The problem goes to the fact we assume money to be a store, rather than a medium. Consequently the goal of society has become the creation and storage of this medium of exchange.
The whole problem then becomes how to extract excess back out, before it overloads the whole system.
The Federal deficit first started its gradual, then parabolic growth with the New deal, so not only was Roosevelt putting unemployed labor back to work, but unemployed capital, as well. "Saving capitalism from itself." Quite literally.
Presumably we could tax out what is currently borrowed out, but the natural dynamic is that positive feedback draws the asset to the center of the community, while negative feedback pushes the debt to the edges, giving those with excess wealth the power over the decisions controlling society.
The Ancients used debt jubilees to reset this process and Michael Hudson, in his latest book, makes the argument that was Jesus's actual message, "Forgive them their debts." Later co-opted as, "Forgive them their sins." As a way to guilt trip people into compliance.
The issue then becomes how to convince the entire public, not just those at the top, as they are simply riding the wave, not powering it, that money really is a contract between the individual and the community, basically a voucher system and thus a public utility, like roads, not inherent value, in and of itself.
Given the model appears to have gone terminal, it would appear this should be easy. Yet it is not, as the term you use, "free money," doesn't address the contractual nature of it. Rights have to be somewhat in relation to responsibilities. Which is a deeper social issue. The real social contract.
Society should empower what does benefit the whole, as a abstract public commons, while enabling the more independent the degrees of autonomy they are willing to work for.
Raising and educating children, maintaining public assets, generally sustaining a long term healthy society and the environment it requires, should be viwed as the overall goal, not just everyone trying to suck value out, on the assumption the system will be there to enable them to store it, as some materialist religion and god.
People certainly like the positives in life, but we need a culture that accepts the negatives as well. There are no ups, without downs. It should be recognized as more circular, than linear. More a game of Rock, Paper, Scissors, than winner take all.
History tends to remember those who played the game well, even if their compatriots had them drink the hemlock, nailed them to a cross, or burned them at the stake, than those who always insisted on winning. When those already at the top insist on cheating, in order to keep winning, they don't really understand the game and will eventually find they were products of the rules they broke.
As a medium, money is more lubricant, than fuel. It transfers value, but the real store is a healthy society and the environment it requires.
My worry is that those sitting on the biggest piles of public debt will insist they be traded for remaining public assets, enabled by the functionaries who recognize their future employers. Disaster capitalism/predatory lending going universal. Then we find what real oligarchy is.