The national debt is still soaring—but that doesn’t matter

“Conservatives believe in balancing the books and paying down debts—because it is wrong to pass to future generations a bill you cannot or will not pay yourself.” That’s what the Conservative manifesto said. And it is true that the deficit has been reduced very significantly since its post-crisis peak—down from about £150 billion in 2009-10 to less than £50 billion last year. So, although we’re still a long…