It doesn’t matter how big the American government’s debt gets, since the world can’t afford it to default. An American default would decimate the global economy, and wouldn’t be tolerated by pretty much anyone – right-wing American politicians raise the issue as part of a long-term project of corporate domination of the economy.
The “current financial state of the US” has been gradually worsening since the 1970s, due to poor economic policy and terrible economic priorities, such as yearly $1 Trillion military expenditures while schools are being closed, roads are in disrepair, and the health care system (regardless of Obama’s law) is far worse than that of most other industrialized countries.
Remember the Greek government debt crisis a few years ago? Even though the Greek economy is a fraction of the American one, there was no way Europe was going to let Greece default, since it would harm Europe as a whole. The Eurozone and the International Monetary Fund used the threat of Greek default to take control of the Greek economy, so $67.5 Billion of Greek Government assets were corporatized, among other elements of domination. Go ahead and ask the Greek people how their lives have been since these “helpful changes” were implemented there. Then ask the multinational corporations how helpful these changes have truly been.
That’s the model that’s desired for the United States, among other debtor nations – sell off public assets to corporations, take what little control regular people have over their economy away from them and put it into the hands of international banks and multinational corporations. Disempowering people further means their wages and benefits are (further) reduced and powerful institutions further enriched and empowered.
The world is dying, ecologically, at least according to the understanding of those in power (which will come to pass if they have their way). There are no long-term consumers of capitalist products and services. This understanding has transformed the capitalist human into the capitalist dragon, from an investor into a hoarder, from a man into a beast.
In a dying world the entire earth eventually becomes a ghetto, and the ruling idea of the rich is to escape the ghetto. The first step is a siege mentality, where gated communities are built, walls to keep out the unworthy, while wealth and power are amassed and capabilities improved. By the time the ghetto expands to include even them, they’ll be gone, through a combination of nano-tech, computer-tech, and outer-space tech. In a dead world filled with zombies, these last bastions of humanity will take to outer space to “repopulate the human race”, neglecting to understand that unlike the “zombies”, these “human beings” were the precise creatures to have murdered an entire planet in the first place.
But they’ll be super-beautiful, 6-packed, breast-augmented, buffed with their own sense of self-worth, super-knowledgeable, super-intelligent, super-capable, all teched up and ready to go. They’ll be Battlestar Galactica, Star Trek, so photogenic and Hollywood and super-awesome. So fuck history, fuck reality, they’ve transcended all of that. They are going to colonize the final frontier and no earth or zombies or human beings are going to stop them. They are the real human beings and there’s no one they’ve left alive to tell them they’re wrong.