It is well and good for a country to accumulate debt for meaningful ends so long as the interest on that debt can be serviced. Hold the debt long enough and inflation will "pay off" the capital for you.
The belief that "Less Government" is anything other than a point at which thought stops and rationalisation begins is one I cannot grasp. There is mountains of data and counter-examples but people just stop up their ears, screw shut their eyes and thrust their heads downward hoping to find sand. Lack of regulation, particularly around poltics itself, leads to corruption and misrule. Lack of investment can lead to wastefulness.
More and stronger government is the answer to much of the UK's and US's issues in particular.