The thing that worries me about our debt is that it's not like the rates are locked-in for 1000 years. After bonds mature, we need to issue new bonds to pay for them. And if the interest rates are higher at the time, the new debt will have a higher interest rate (I guess, technically, the bonds will sell for a lower price, which has the same effect).
Paying our current level of interest on our debt is not crushing. But it's not hard to imagine the rates tripling (or more) considering how close to zero the rates are now. Then we are over $1 trillion/yr in debt service (if my calculations are correct).
Combined with what seems like a structural deficit, I don't see any good way we'd get out of that.
In other words, we're not falling off a cliff now, but it seems like fragile situation.
Paying our current level of interest on our debt is not crushing. But it's not hard to imagine the rates tripling (or more) considering how close to zero the rates are now. Then we are over $1 trillion/yr in debt service (if my calculations are correct).
Combined with what seems like a structural deficit, I don't see any good way we'd get out of that.
In other words, we're not falling off a cliff now, but it seems like fragile situation.