This view is very misguided. Red ink isn’t good, but the fiscal problem in America (as well as Europe, Japan, etc) is that the public sector is too big. Milton Friedman was right when he wrote, “I would rather have government spend one trillion dollars with a deficit of a half a trillion dollars than have government spend two trillion dollars with no deficit.”
To put it in simple terms, government spending is the disease and deficits and debt are the symptoms.
But even that analogy is inadequate. When politicians focus on borrowing rather than spending, it opens a door allowing the left to argue that tax increases are a solution.
Consider, for example, the experience in Europe. Beginning about 20 years ago with the adoption of the Maastricht Treaty, all members of the European Union agreed to limit annual budget deficits to 3 percent of GDP and total national debt to 60 percent of GDP.