1995 NBER paper describing perpetual rollover of debt as a ponzi gamble

If the rate of growth is consistently higher than the cost of government financing the government can run deficits forever and make people better off. Using back of the envelope calculations they give an 80% chance of that being the case. But if the growth assumption is wrong taxes will need to go up in the future when the economy is smaller so we'll be much worse off.

They also discuss crowding out