Dead arguement.....some nations try to provide a social safety net, others try to ensure full employment, other try for security and dominance......ALL end up in Debt and the bankers pocket that follows.
They probably end up in the bankers pockets even if they didn't try anything of the above. Monetary system is broken.
Also, I'd like to point Sweden is still good counter-example to that. They have easily managable debt atm. Also, all nordic countries were target for major currency speculation one by one in the late eighties and early nineteens after deregulating and liberalizing trade. This caused regression and massive accumulation of debt, which I wouldn't blame for welfare. Deregulation was of course brain-child of thatcherism and reaganism which ruled the political arena.