Government debt is just private sector savings. It’s financial assets held by the private sector: by pension funds, by medical funds, by social security funds, by investors and other central banks. It’s essentially a savings account at the Fed.
Government debt has almost never gone down in absolute numbers. It has risen linearly practically ever year for as long as it has been recorded—that’s partly why the debt clock is scaremongering nonsense.
For a government to tax more than it spends and to run a budget surplus, it needs a large enough tax base—that tax base can be expanded by being a net exporter (new money coming from the foreign sector), or by increased private debt through bank credit. The only other source of new money is from government spending itself, which precedes taxation.
Deficits are overwhelmingly the norm, and practically required.
Which leads me to Clinton’s acclaimed surplus. Because Clinton’s surplus wasn’t fuelled by increasing exports, but by huge rises in private sector borrowing—and it is that borrowing (and policies encouraging risky investments) which was the pregenitor to the 2008 crash.
What should be realised is that economic policies do not have immediate effects. Many things can take years to permeate. And that’s problematic, because most voters reason in quite simple post hoc ways, ascribing observed effects to immediate or recently preceding events—like Trumpets attributing a supposed economic “boom” to Trump, when he’s barely done anything yet.
Add in some partisan thinking and motivated reasoning, and people will argue for their favoured President as being responsible for some positively connoted economic indicator (budget surplus, low inflation, a bull market), while blaming one they don’t like for some supposed negative economic indicator (falling exports, bear market, unemployment, etc).
In reality, they usually don’t know what they’re doing, and aren’t really responsible for much of what happens in their immediate tenure.