Is fiscal responsibility essential to creating a stronger, more prosperous nation, or is the matter overhyped?

Worse, the matter is totally confused.  By identity, government budget deficits = 'non-government' accumulation of financial assets denominated in that currency.

That means net savings desires of the non-government sectors can only be accommodated by government fiscal balance.

Therefore, if government deficit spending is insufficient to satisfy the total net savings desires of the non-government sectors, the evidence is unemployment and excess capacity in general, which is also known as a lack of aggregate demand.