As I have argued elsewhere in this thread, default or monetizing the debt has consequences, including permanently higher borrowing costs that will exact a heavy price from future generations if they choose to go those routes. That's what history teaches us.
The biggest loser will be the (US) general public, because it holds the majority of the debt. Foreign adversaries (such as China) hold a much lower percentage of the debt (and USD-denominated instruments).
> ...including permanently higher borrowing costs that will exact a heavy price from future generations ...
Seems unlikely. Nobody makes reference to poor behaviour by someone's father's father when deciding to lend.
And it is already embarrassingly obvious that the US isn't actually going to pay their debts back. The people taking on the loans at the moment have hopefully accounted for that.
Is all this debt bad? Yes. Will it affect the prospects of future generations? Only if it spirals into a war and something spills over into the physical world destructively.
The biggest loser will be the (US) general public, because it holds the majority of the debt. Foreign adversaries (such as China) hold a much lower percentage of the debt (and USD-denominated instruments).