These days we have more sophisticated control mechanisms involving government regulations.
Walking away from it would be, uh, problematic. Especially for the demographic who voted most enthusiastically for this administration. Which might make for some poetic justice, but a lot of others would also find themselves in dire straits.
One can clearly offer these differentiations, but it's all so much Utopian Progressivism that has simply not withstood the test of time, if we're being honest about the debt.
But honesty scales like Utopian Progressivism, so expect continued ignoring of the problem until the economy 'splodes and the "experts" stand around looking aghast.
But this gets at why precedent is such a cautionary thing.