• Lots of individuals have more debts than their net worth -- most of it being a mortgage. That's not being fiscally irresponsible, as long as you can pay your mortgage on time.
• Similarly, the US government can certainly make its payments, especially when interest rates are still near historical lows.
• Unlike individual debts, governments are expected
to have debts that roll over and continue into perpetuity.
• It turns out that high debts don't stifle economic growth. Reinhart and Rogoff made some fatal errors in their claims. (You, uh, do know what I'm talking about, yes?
• Many of the debts are actually due to Bush 43's policies and the recession. He cut taxes during wartime (which is unprecedented), he created a whole new entitlement (Medicare Part D). Tax revenues usually fall during a recession, while the need to spend increases.