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One of the most important factors is being left out of this debate - interest rates
When you buy a home do you look at the total price or the monthly price? We pay on the deficit like homeowners pay on their mortgage. A $300,000 house can be too expensive at XX% and more than affordable at a lower percentage.
Why else do we jump on the refinance wagon everytime the rate goes down?
Since we do not pay the debt off all at once, the true "expense" of the debt can only be measured by comparing payments, interest rates, etc.
That being said, without comparing corresponding interest rates (ceteris paribus and strength of the economy aside), the discussion is moot.
In other words, this is just a graph of numbers without the necessary corresponding numbers needed for this debate.
/thinks Bush overspent
//remembers 9/11 and the recession
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