As an interesting corollary to the Spanky Thesis that Jesus Christ, Debt Is Irrelevant because We'll Simply Grow Out of It, Morons, see the below chart.
Spanky, I understand your point that carrying SOME amount of debt on an ongoing basis is arguably good, because it carries other montetary benefits. Similarly, I agree with the general point that X amount of debt today,
standing alone, will decrease in relative size as the economy grows.
We've discussed before the laughable notion that we'll start balancing budgets tomorrow (or in the near future) so that your enthusiastic economic argument will come to pass. In that light, please examine the above graph for me, which demonstrates that debt as a percentage of GDP is in the 60%+ range right now, and is expected to rise to about 70% before the end of Bush's term.
Even acknowledging that SOME debt is just dandy, what's your magical percentage of GDP where the debt just painlessly evaporates in the face of an ever-expanding economy? 60%? 80%? 20%?
If 70% evaporates in less than a generation, then Ty's original comment wouldn't seem to apply. If it takes more than that, please elaborate.
