We'll have the ability to increase our debt burden to cover future retirees no matter what. But more importantly, we won't have to rely on increasing our debt burden if we continue to grow our economy, and that requires tax cuts that give individuals and institutions the proper incentives to develop and prosper. That only can come from tax cuts, not debt reduction. Dramatic debt reduction lowers interest rates for everyone. People's mortgage rates, car loans, credit card payments all go down.
Businesses can borrow money cheaper.
It's like a tax cut with a wonderful extra silver lining . No it's not, because there is no historical link between debt levels and interest rates. Interest rates are determined by inflationary expectations, what the Federal Reserve does, and of course by a loan's inherent risk. Debt levels have little to do with it. Interest rates were much lower then than now.