When we debate public debt, the conversation often turns quickly to a single number: debt as a share of the economy. That figure matters. It helps indicate whether the country can meet its obligations and how much pressure borrowing may place on future budgets. But it cannot tell us, by itself, whether borrowing was responsible.
The more useful question is twofold: can the country afford the debt, and what lasting public value did it create? Borrowing is not inherently a failure of fiscal discipline. Governments may borrow to fund infrastructure and other investments whose benefits extend over many years.
A well-planned water system, transport network or electricity project can support households, businesses and economic activity long…