The 2020 Presidential race is lacking a candidate that would choose to eliminate public debt. Democrats would like to add trillions and trillions to public debt as if they were nuts with no concern about busting the U.S. economy thereby. They don’t mind risking Social Security, Medicare and all the rest of social infrastructure programs that could be eliminated if the Big Crash occurs.
President Reagan started the debt ball rolling with his use of permanent Keynesian economics relabeled supply side economics, to stimulate economic advance, grow the military and out-perform the late Soviet Union. Well, that program worked. Unfortunately not even the inventor of public spending that adds great public debt to stimulate the economy, John Maynard Keynes, regarded the policy as anything beside a temporary and phenomenal technique. Neither he nor most economists before the Arthur Laffer era thought the policy could be permanent.
Over the course of history great public has been proven to be bad policy, I believe, with few exceptions. Debt has led to wars. Debt default usually harms the poor first as conservatives denounce the lazy or corrupt poor that won’t work honest jobs as they have. Everyone it is held can advance socially to a better class if they try. Unrealistic as that is, the option of cutting spending on the poor that have poor political representation and economic leverage remotely equivalent to that of the rich is the first to go.
There isn’t anything wrong with balancing the federal budget and eliminating public debt. Public debt of immense scale such as the 23 trillion dollars of U.S. public debt could take generations to pay down. Virtually anything that is done with an imbalanced budget could be done better with a balanced budget if politicians had a clue for the trail of innovation, invention and resourcefulness and management. It is easier though to select more politicians with bad policies without a concern about eliminating U.S> public debt or reforming free enterprise with directed evolutionary selection for programs and policies that restore the national ecospheric vitality and promotes all citizens from the bottom up out of poverty, social or medical insecurity. As was said in the Wizard of Oz, and could be said of many politicians; “If I only had a brain.”