Every president ran a deficit except Clinton.
In any event we are a debtor nation and most people have less money now than they did yet the richest have more than ever. The money that is here has shifted upward. Corporate profits are higher than ever. Productivity is higher than ever yet wages are stagnate for 20 years.
Going back to your original point....Those countries that practice "socialism" are doing fairly well. Like Denmark, Germany, Sweden, etc. The system we have has resulted in a huge disparity of wealth between the haves and have nots.
Make America great again. Like 1951. Look at the tax levels from the good old days.