Sure it is, especially with long-term (30+years debt) paid at under the rate of inflation. Plus, a lot of that "government debt" is also "government savings" (

Sure it is, especially with long-term (30+years debt) paid at under the rate of inflation. Plus, a lot of that "government debt" is also "government savings" (social security excess must buy t-bonds). The Treasury provides the extremely useful service of being a bank for entities with massive deposits. It turns out that having a balanced budget is kind of dumb when you're the US government. If people are willing to essentially pay you to give you money (when rates - inflation is negative), you should take that deal. The persistent debt-ceiling debates are really the only serious risk to the country.