That is right on, deficits are now just fine, sad. Much of the country lives that way too. The stock market crashes, bit coin crashes, debt goes up.
I remember spending a weekend in Waterloo Iowa in the early 80's. There was a big farm crisis then. John Deer had closed a big plant there, the biggest employer in town. I saw a real estate magazine in a restaurant. I saw a house built in the 60's with an ask of like $69,000. Right next to it was the same basic house going for $39,000. The smaller priced one must have a smaller or no mortgage. Imagine a country wide crisis like that in the USA.
I am one who believes we will need a currency reset, worldwide and I suspect blockchain and some form of bit coin will be a new world currency. If so, they are not ready yet. We will need a lot of pain to accept that.
The US currency is just about the worse per capita. I feel we will fall first oe second to Europe. That is why I like food. If our dollar crashes relative to the rest of the world, food exports are cheap for others to buy, forcing our prices to go up. Add in some droughts, etc.food could more than double in the next 2/3 years.
Europe has massive debt, but look at China, India, Brazil, Turkey, Indonesia, Malaysia, Argentina, Mexico, Japan------ I just named well over 1/2 of the world's population with very little debt compared to the USA.
Let me add, I suspect it will be a relatively short crisis, a year or two. The big money that controls our governments owns businesses. They don't want to destroy their businesses. They control people through them.
Sorry for the rant, but that is my philosophy. https://en.wikipedia.org/wiki/List_of_countries_by_external_debt