Mother Nature will not be fooled, nor will Father Free Market. The debt that must be repaid will be, in one of two ways: either by taxes or by inflation. Obama stepped in it in his first term and is wading in deeper this term. He has run the National Credit Card to the limit and beyond which will stagnate the economy for many years as it is "paid back".
Father Free Market crushed the Soviet Union's socialist system years ago and will do the same to us if we ignore our debt, entitlements, and bloated government. He could crush the Middle East's dictatorships (and someday will) except for the valuable oil they export. The path this 'president' intends to take will invoke a massive free-market correction at some point.
We are still borrowing more than $1 trillion a year. Barack Obama has added more than $5 trillion to the national debt in just his first term alone. Such massive borrowing is unsustainable. Someone somehow at some time has to pay it back.
Obama would agree. He once alleged that George W. Bush's much smaller deficits were "irresponsible" and "unpatriotic." Obama himself vowed to cut the budget deficit in half by the end his first term. Instead, Obama's annual deficits have never gone below $1 trillion.
Three ways to establish a long-term trajectory toward a balanced budget were under...
They believe that the government creates "wealth" through Keynesian foolishness.
In so far as they're concerned, there is no debt since the government can create as much "wealth" as is required to pay it off. To them there is no natural limit on spending.