the gov is not funded for quite some time
it just invents money any time its missing a bit
but don't worry the grandchildren of today's citizen would still pay those debts
I wonder how long it would take to gain same status if some time people went just: "Nope, we won't pay these debts!"
Short term pain, over the long term one...
Too bad people can't handle that.
Problem is, a lot of the debt is right back to the people. Much of US debt is held by US citizens, and specifically retirees, as "safe" retirement investments.
Actually that's not a problem. The fact they were lied to and basically forced to hold those "safe" investments is not relevant. They bought them, and they own them, and they can lose on those investments.
And they are losing money on them right now, they have in the past, and they will in the future. It is not possible to "make a profit" on holding a fiat currency, for which the currency is being ad hoc printed, by holding said currency to receive an income stream from the printed money.