As an adherent to MMT (modern monetary theory) there are lots of metrics other than the actual dollar amount of debt as well as percentage to GDP. There is also non-financial outcomes: Better health and education for citizens, improvements in infrastructure, support for emerging technologies, etc. We focus far too much on numbers rather than outcomes.
It is also worth noting the curiosity of Republican presidents and their parties increasing the debt and deficit in good economic times (Reagan tax cuts, GWB tax cuts, Trump tax cut 2017) and then leaving office so the next president (a Democrat) has to use even more financial resources to combat it!
Lastly, During the crisis of 2008-9, people likened it to the Great Depression and indeed it may have gotten there. But initially, I considered the crisis more akin to the Panic of 1907. And I find it interesting that JP Morgan gathered some of the wealthiest men together in a room, locked the door and strongarmed them into providing liquidity to the financial markets. Morgan and those men effectively acted as a FED before we had a FED.
Morgan's performance in the 1907 panic was a principal driver of the legislation that created the Fed. Many Americans, and a majority of Congress, thought such power should not be left in the hands of a private banker. Morgan couldn't figure out why he received criticism rather than thanks.
As an adherent to MMT (modern monetary theory) there are lots of metrics other than the actual dollar amount of debt as well as percentage to GDP. There is also non-financial outcomes: Better health and education for citizens, improvements in infrastructure, support for emerging technologies, etc. We focus far too much on numbers rather than outcomes.
It is also worth noting the curiosity of Republican presidents and their parties increasing the debt and deficit in good economic times (Reagan tax cuts, GWB tax cuts, Trump tax cut 2017) and then leaving office so the next president (a Democrat) has to use even more financial resources to combat it!
Lastly, During the crisis of 2008-9, people likened it to the Great Depression and indeed it may have gotten there. But initially, I considered the crisis more akin to the Panic of 1907. And I find it interesting that JP Morgan gathered some of the wealthiest men together in a room, locked the door and strongarmed them into providing liquidity to the financial markets. Morgan and those men effectively acted as a FED before we had a FED.
Morgan's performance in the 1907 panic was a principal driver of the legislation that created the Fed. Many Americans, and a majority of Congress, thought such power should not be left in the hands of a private banker. Morgan couldn't figure out why he received criticism rather than thanks.
A debt-free country is as rare as spotting a unicorn in the wild.