Whether or not it's worse... ehh... a lot of room for personal judgment in there.
What it definitely does is take a lot of little problems (at least at government scale) and aggregate it into one whopping big problem bigger than all the little problems combined (because basically we're paying interest on the deferral of those small problems), thus trading a whole bunch of small problems that at least sometimes someone could have fixed or mitigated, into one huge problem that is too large for even the government to fix and for which the individuals involved have no optionality.
It would be nice if there was some way to figure out how to stop governments from "solving" problems that way, as for some of those problems we're already arguably at the end of the road, and we're certainly staring down the barrel of a lot more of them that are no longer so much "decades" in our future as "years" in our future.
What it definitely does is take a lot of little problems (at least at government scale) and aggregate it into one whopping big problem bigger than all the little problems combined (because basically we're paying interest on the deferral of those small problems), thus trading a whole bunch of small problems that at least sometimes someone could have fixed or mitigated, into one huge problem that is too large for even the government to fix and for which the individuals involved have no optionality.
It would be nice if there was some way to figure out how to stop governments from "solving" problems that way, as for some of those problems we're already arguably at the end of the road, and we're certainly staring down the barrel of a lot more of them that are no longer so much "decades" in our future as "years" in our future.