That belief is only held by those who are hard of accounting. The government's red ink is our black ink. Treasuries are savings assets for the private sector.

That belief is only held by those who are hard of accounting. The government's red ink is our black ink. Treasuries are savings assets for the private sector. It's the desire the save in aggregate and be in the black that drives the red ink on the other side of the balance sheet, not the other way around. So to balance the budget you have to prevent anybody saving in aggregate, which is impossible to do without completely collapsing the economy 2008 style via an unsustainable private debt bubble. People like to save. That has to be accommodated by the currency issuer.