Debt in and of itself is not evil. Everyone who owns a financed car or mortgaged house is not in financial peril. Most agree, however, the national debt should be reduced while there are surpluses. But economists argue that a national debt is not a great concern as long as the economy is growing faster than the debt. Therefore, it appears that the ideal situation is to lower the debt and lower taxes, which would help create wealth and continue growth and prosperity.
History can be a useful guide.
Jacksonville's namesake, President Andrew Jackson, promised to eliminate the debt and while the government was flush with cash in 1835, it did. What followed was rapid inflation, failing banks and a six-year depression. Other events also may have been factors. But, at the end, the government was deep in debt again. Currently, the Fed has been raising interest rates to ward off inflation while the Treasury is talking about paying off the debt.