assuming you're not actually arguing that a large and persistent national deficit doesn't matter at all
I am arguing exactly that.
As a net importer (ie, a wealthy nation with wealthy citizens), a large and persistent national debt is not only not a problem; It's a necessity.
The deficit need not be large; There will even occasionally be years when the economic conditions lead to a surplus, because accidents do happen. But if there is a surplus, that implies either insufficient spending, or excessive taxation, and needs to be corrected.
The objective should be a small deficit, in support of strong economic growth.
If your government can't think of any way to invest money in infrastructure that will more than pay for itself in terms of increased growth, then it's time to elect a more imaginative government.
If your unimaginitive government is collecting as much or more in taxes than it spends (or even
nearly as much), then they are not only failing in their duty to improve the nation, they are also overcharging the residents for the privilege of being mismanaged.
