Is debt a bad thing, in and of itself?

That’s one of the questions county voters are called on to decide this year. The Democratic candidate for county judge, Ruben Becera, has made the size of the county debt the backbone of his campaign. He believes it’s a sign of bad management and blames Republican Will Conley. Conley, until recently a commissioner, is running for county judge (the chief budget officer and top manager for the county).

But is county debt really so bad?

Unlike the fed...