It's not just the debt, its the currency accounts. We have to expand the monetary supply to expand the economy, and the tax cut was aimed partly at paying the guys who paid to get BushII elected, but also at forcing the fed to let treasury expand the money supply faster than Greenspan/Rubin did, because some economists think Greenspan has been too concerned about inflation and the econ can grow faster - which would benefit ALL of us, not just those who make 500K and more. But we save so little compared to other nations, and consume so much, we have to import the capital to buy the greenbacks. But, if we consume less, people lose jobs.
But as for the national debt, what WJC was really doing was paying off debt by usiing fica dollars to buy it instead of having individuals and foreign govts buy it. Our ability to pay for social securty/medicare isn't really so much what debt the "trust" holds, but the % of gnp we have to pay to private investors and for govts to service the interest on our debt. THAT % was going down under WJC. What BushII's handlers gambled on was that the tax cut would temporaily reduce govt revenue and force the debt up once again, but that the increase in gnp would make up for the temporary reduction as more taxes were collected. Unfortunately, they failed to hold spending in check. So, were in deep ****e no matter who gets elected.