That might even be stating it mildly. From a Keynesian perspective public debt is good where it influences demand-side spending. I would go farther, and say that once politics are removed from the equation, public debt is effectively meaningless- the U.S. national debt should be proof enough of that, as 9 years of demand-side Keynesian QE has ballooned the debt while wealth piles up for those on the receiving end of the expenditures (it should be seen as no accident that Bankers accepted Keynesian gov’t spending at the precise moment that it would benefit them the most…)
The reason all this deficit-spending hasn’t been able to shake off sticky GDP growth is because supply-side is a blatant lie. Debt is smoke and mirrors, and oddly enough it was Hitler who kinda proved it when he made the Mark fiat (Ellen Brown has a good starter essay), which like many things Hitler did, was influenced by a U.S. policy, in this instance Lincoln’s Greenbacks.
