You don't understand how modern fiat monetary system operates.
Nearly all money is issued by the private banks- not the government.
And its the private banks collecting the rent on the money they issue out of thin air.
And in the west the government than does provide the legal power to operate monetary issuance does not limit or direct the banks anymore in how or where the banks direct that new capital- and so in the west most of this debt is directed toward non productive speculative purposes- with no resultant increase in the overall wealth of the nation despite the debasement that is caused. In the past western governments insisted that this capital only go toward purposes which were likely to increase the net wealth of the nation- productive purposes- but since the neoliberal voodoo economics took over that requirement has been removed and we have full flight crony capitalism and the decline of western civilisation as a result.