I agree 100% that our debt has the potential to cause great suffering and misery... IF... we allow it to. It's difficult to imagine a worse self-inflicted injury a society can bring upon itself than the Great Depression. There were people willing to work AND demand for their labour but no capital to exchange... There were warehouses FULL of goods and people that wanted them but no capital to exchange. There were idle factories ready to produce but there was already surplus inventory built up in the factories mentioned before. Completely self-inflicted, completely psychological.
Its 'easy' to alleviate debt... we can print money... sure, that causes inflation... what does inflation do? I depreciates the value of the US dollar relative to other currieries making EXPORT cheaper and IMPORTS more expensive driving domestic employment. It also make our debt 'cheaper' since if we owe $1T we STILL owe $1T but that $1T is now worth less :)
Our society gets to decide exactly WHAT our debt means... we don't have that luxury when it comes to PHYSICS.