The only potential problem here is that "we owe ourselves" simplifies things given that some individuals are owed much more than others, i.e. there's inequality. Other than that? The whole debt charade is just political groups weaponizing (and perpetuating) the lack of fairly basic macro-economic understanding in the population.
Being rich in a first world countries is very neat, even great. Being rich in a third world country is like thirteen levels above that. For you and for your family.
Turns out that having a 100% guaranteed return is attractive to a lot of large-scale investors, even if the yields don't make the money machine go brrr.
This is one thing that worries me about the current administration. A lot of trust is built on the fact that the US gov't has never defaulted on a debt in its history. I feel like some people don't place enough weight into what that really means for both ourselves and the world.
That 100% return is guaranteed by the whip that the government so willingly cracks over the backs of productive young people. Why would it be in the interest of the non-entitled to have a government which keeps swinging that whip? To guarantee the investments of the elderly who only have bottomless hate towards the young?
Hint: it's not China, the UK or any other foreign government.
It's us silly. We owe ourselves. :)