Thank you! I realize that you probably imitated GP's short style on purpose, but to elaborate a little bit: It's an accounting tautology that every (monetary)

Thank you! I realize that you probably imitated GP's short style on purpose, but to elaborate a little bit: It's an accounting tautology that every (monetary) savings must be offset by a debt somewhere. Since private households tend to save (and we should consider that a good thing, given how available savings is an essential part of freedom within a capitalist system), the debts have to be somewhere else. They could be debts of firms (for investment), but the private sector is exposed to (sometimes severe) economic fluctuations. So a buffer is needed somewhere, and the logical place for this buffer is government debt.