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The US doesn't have "a sovereign debt crisis because it has no sovereign debt," the term referring to bonds and short maturities issued in foreign currencies. In contrast, America issues "government bonds" in its own with no constraint on how much, no matter how irresponsible in amounts or for what purposes.
However, out-of-control debt creates enormous burdens for future taxpayers, as well as likely cuts or elimination of essential social services and entitlements to devote national resources to militarism, Wall Street and other corporate favorites.
It's Washington's decade's long reverse Robin Hood scheme, fleecing working Americans to reward the rich, Obama continuing the same dirty game as Republicans, masked in deceitful rhetoric.
As a result, bipartisan support is capitalizing on crisis for greater wealth transfers to super-rich beneficiaries already with too much. At the same time, America's middle class is being destroyed, forcing millions into poverty with low-paying jobs and no futures for those lucky enough to have them.
A Final Comment
In his April 15 article headlined, "Budget Battles: Sound, Fury and Fakery," Professor Richard D. Wolff discussed years of Capitol Hill shenanigans running up deficits that matter "because they divert tax revenues away from serving most taxpayers to enriching Washington's creditors instead."
They also matter when" politicians exploit high deficit and debt levels "as excuses to cut government programs they oppose." It's a sort of bait and switch con to convince people to sacrifice entitlements and other essentials for their own good, not realizing they were swindled until it's too late.
On April 18, financial expert/investor safety advocate Martin Weiss explained another problem, what he calls a deficit and debt crisis catch-22, saying:
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