Francis Bator nails it:
There is no federal debt crisis, as distinct from a governance crisis and a tax-phobia crisis.
Our fiscal policies should be based on the need to restore something like full employment, and our longer-term policies of taxation and expenditure on considered judgments about where an extra dollar of public expenditure will do more good than a forgone dollar of private expenditure.
Bator, who has actually dealt with international financial crises, regards fears of a bond-market revolt as merely chimerical. And he pokes appropriate fun at the notion that our grandchildren – who will be far richer than we are – should somehow be the objects of our pity on financial grounds. We should worry more about leaving them a wrecked planet than about leaving them owing a pile of Treasuries.