This is not a simple situation.

Of course there are times when loans are great. However, through boom and bust cycles we have perpetually taken out loans.

So, you need to drill down, are the things we are spending on “capital improvements” for a better future or our operating expenses.

Interest? Military? Medicaid/care? Those will be expenses forever.

If you take anti cyclical view of it, when the stock market is at an all time high we should be paying debt, for when we need it later.