The article discusses the impact of public debt when interest rates are low. It argues that public debt may not have a fiscal cost, but it can reduce capital accumulation. However, the welfare costs of debt may be smaller than previously thought. The study shows that the lower the marginal product of capital, the lower the welfare cost of debt. It also explores the idea that high public debt can be risky due to investor perceptions, which can increase the fiscal burden. Overall, the aim is to encourage a more in-depth discussion on the costs of debt and fiscal policy.