Debt is an investment. Bonds are debt and bonds do not have the same negative connotation as debt. Thus, we are not in a financial crisis. We just owe interest on bonds to a few investors. Without deficit spending, we would still be stuck competing with big communist nations in arms races.
Arms races are simple to understand.
The best thing about them is that nobody really wins. Think of it as a friendly match of badminton on Sunday where neither side keeps score. The only thing that matters is clearing the net when the shuttle is on your side. Fortunately for us, our friendly volley with the Soviet Bloc quickly taxed their resources. In a miraculous string of events, the net came crashing down and we were the only side left holding a racket.