“Look at Germany since the reunification. West Germany had embraced a no (additional) debt ethos and was a economic powerhouse because they did not operate with the idea that debt was a good idea. German companies have been slow to change attitudes about debt but the government has dug a very deep hole in a very short time. The East German communist attitudes have subverted the very mechanism that West Germany used to prosper. Progressive movement tried for a long time to create a German welfare state and reunification has pushed them over the cliff when they started to vote themselves increased benefits and “rights”.”

Per the Telegraph, “Germany has balanced its budget for the first time in more than 40 years, and pressed eurozone partners to follow its austere example rather than try to stimulate their stagnant economies with borrowing or central bank money-printing.
Berlin had aimed to achieve the so-called “schwarze Null” (zero deficit) this year, but strong tax revenues and lower debt service costs due to rock-bottom interest rates helped it meet the goal a year early in 2014, the finance ministry said.
It is the first time Germany has balanced its budget since 1969.”