I generally agree with a log of what the Skeptical Optimist says but I think he fails to recognize many one of the reasons why America has become a great country.
"Bottom line: If the economy grows at least a fast as the debt grows, and inflation is low and under control, our ability to make growing interest payments will increase at least as fast as our obligation to make those interest payments.
If we can sustain those conditions, our grandchildren will have much larger incomes than we do, but will have a debt burden that is no worse than ours. " [boldness added by me]
I understand what he is saying perfectly. Though, I do have an addendum that he failed to add. (He could also feel this way, but since he did not state his opinion on this topic, so for this post's sake I will assume he feels differently.)
Just because the share of our children's debt will be no worse than ours does not take away our responsibility to pay down the debt, if possible (You can't really pay for bonds that are already out there, only sell less. Sell one to two percent less in dollar amount per year adjusted for inflation and indexed to the national income, that should do the trick.). Many Americans work hard to make their children's lives better not "no worse". I am not opposed to national debt. It serves it purposes. Though, I greatly favor less debt (both numerically and as a percentage of GDP). I really don't see the reason why running the countries finances should be any different than running my finances or a large companies finances.
I really don't have a problem with the debt that comes from bonds because new bonds will be sold to pay for the olds ones, but I do have a problem with the debt that comes from budget overruns and similar issues. That is comparable to me racking up spending on my credit card as far as I am concerned.