Can a National Debt be a good thing?

Contrary to the view propagated in much of the press, Margaret Thatcher was economically naive to suggest that a government should always seek to 'break even'.
Borrowing to finance capital expenditure which leads to growth can make the borrowing self financing. This was the approach pursued by Gordon Brown (WITH GREAT SUCCESS). The debt that accrued at the end of his term of office was a result of the world financial crisis and was not a result of the previous years of fiscal policy leading up to that point. Each year, the growth that emanated in part from the Government spending, led to an increased tax yield that enabled him to meet the payments on the debt.

One argument currently being pushed by some politicians and the press is that it is wrong to foist a debt onto the next generation. You tend not to hear the counter argument: If the borrowing is funding capital expenditure on things such as infrastructure (roads/railways/ broadband); education (new schools); and, health (new equipment/hospitals), then it follows that the next generation are the ones who stand to benefit the most from such spending. It is then actually fair that they should pay for it.

Another argument for borrowing is that it is a cheaper way of doing things. This may seem surprising given that interest will have to be paid on the money ;borrowed, but, you must take account of the fact that inflation will reduce the real value of the repayments plus interest.