Debt suppresses growth above 85% of GDP. At current levels it reduces net purchasing power. It depletes tangible foreign reserves. It causes legislative gridloc

Debt suppresses growth above 85% of GDP. At current levels it reduces net purchasing power. It depletes tangible foreign reserves. It causes legislative gridlock. It distorts the Federal Reserve's balance sheet. It also doesn't sit in isolation. The BLS statistics add another 200 or so percent for about 300% debt-to-GDP when you include household, state and muni debt. Unlike China, the US citizen lender argument isn't helpful. US debt holders are free to move their money into other assets. The only argument in favor of the current debt levels is that no other nation can float enough liquidity to compete with US debt. For that reason alone the sky isn't falling.