My two bits worth is this. Debt is the mechanism used to purchase things today at today's prices with tomorrows money at tomorrow's value. That is why interest is charged. It is also a method by which a government can rob money from it future residents when it current residents won't pay enough taxes or the economy isn't robust enough to keep the coffers full. An interesting side bar is that it is also a way to incentivize progress. If the average person were asked to donate some of his or her money toward the various causes that government wants to spend money on it wouldn't happen. Consequently our economy would be adversely affected because a lack of infrastructure is limiting in countless ways which in turn affects hiring, purchasing, and tax collecting. Things like roads and school won't pay for themselves but yet they are critical to commerce and productivity. Consequently our politicians convinced themselves that debt was good and that more and bigger was better. Unfortunately social welfare was deemed to be a responsibility of government, because individually we failed to mange ourselves and were unwilling to donate to our local charities which resulted in the adoption of the social security and medicare Ponze Schemes.
With debt and welfare consuming everything in sight the liberal notion that borrowing money from the future to take care of the present is some how okay. It is okay even desirable because the future residents of America owe at least that to the proceeding generations of Americans who died founding it, who sacrificed to develop, who are continuing to die preserving it, and to all those selfless individuals who are protecting this great country for their children's benefit. They won't mind because the debt is really somehow owed to ourselves and it was purchased with money when it was worth something and will be paid back, if at all, with money that is worth much less. How could any self-respecting generation not understand and agree with that.
What a crock of crap that is.