Yes buddy I've seen even more absurd articles that peddle similar narratives, especially when US is about to raise debt ceiling, very entertaining to read. Like recently they are raising another round of $480B is that right? Of course there would be pro-debt voices again like "deficit is OK", "sky is our limit" and such, I hope these faithful people pour in their family savings to show what they mean.American debt obligations are different in nature from that of many countries. For perspective, American Treasury Bonds are offered to potential investors around the world to generate revenue. This mechanism shapes American external debt obligations and records accordingly. As I pointed out in my previous post, American books will check out differently in comparison to many countries due to how USD is globally circulated and utilized. The system works though - it simply defy traditional perceptions of economy in which net surplus is the only indicator of a flourishing economy. This is misleading as well. Economic realities should be viewed in the context of inflows and outflows and how things can be balanced and obligations can be fulfilled. Economic realities are increasingly complex with 50 shades of grey.
To me, American spending on its health sector is most puzzling. US spends so much on this sector but American health system is not what it should be.
Though financially US looks like a bigger version of Greece, but of course US is no Greece, different laws of physics apply to the Dollar, puzzling almost magical.
But like Greece, the rest of the world can't run away from law of physics and have to live accordingly, i.e. work hard, save surpluses if there's any, control your deficits/debts. Who are the surplus guys, the creditor guys? The largest is Japan, followed by the likes of Germany, China, Hong Kong, Norway, Singapore, Taiwan, Switzerland, South Korea, Netherlands. If you take out hated China (assuming a US perspective) from the list, how does it look? Advanced manufacturing/services, high standard of living, low Gini Index, high social welfare, and strong fiscal discipline, sounds nice to me. I remember Deng Xiaoping sent officials to Singapore to learn urban planning, brought Japan industrial capital to Shanghai, let Hong Kong FDI constitutes >60% of all and revamp entire Guangdong province, etc., setting our country in the right motion, and we are picking up momentum to go forward in that direction. Exceptional US will continue to be the largest debtor nation on this planet, foreign debts will skyrocket with no limit in sight, China will continue to go in exactly opposite direction, competing in the ring of creditor nations you saw above. China is no US, is not competing with US, and never becoming another US.