Sanlmar, as usual your post is well reasoned and thought provoking.
However your analogy is inappropriate. I'll give you the basic premise of inherent maintenance accruals vs condo fees. But a condominium project has a finite life span and a CAP rate that won't exceed 5.35% (standard Seattle area suburban multifamily).
GDP with a growth rate of 3% is an entirely different animal. Theoretically an infinite lifespan, an infinite upside, and an infinite earning potential.
You can't compare GDP with a real estate project, and frankly nobody on either side gives a rat's ass about the deficit or debt right now. Both sides are perfectly happy continuing to kick that can down the road.