modest deficits are, in fact, the historical track record. but, 20% interest rates to fight huge, sudden increases in the price of oil were starkly unusual. whatever you think of the debt (i don't care...), it is not the direct consequence of "over-spending". it's a consequence of the inflation that resulted from the 1973 oil embargo, and the interest rate hikes that were set to fight it.

it follows that if it really bothers you, you should be focused on keeping interest rates low, not on maintaining a balanced budget.

http://ipolitics.ca/2015/09/11/most-canadians-in-favour-of-modest-deficits-ekos-poll/