Recently John Oliver (Last Week Tonight) did another episode on the National Debt. What's so difficult in this day and age is to sus out the truly authoritative sources from those that use half truth's to fit a narrative they want to get to. His episode on the US National Debt is no different. I am including a link to his full episode below as well as my full rebuttal.
In short, there are 3 main points in his overview:
- The size of the debt doesn't matter if you spend it on the right things...so worrying about the amount is ridiculous
- Conservatives create debt recklessly by giving tax breaks and Progressives actually invest in things when they run deficits
- The answer if it goes sideways is simply to increase taxes
Included in these main points are a few supporting 'facts' that justify the positions. Things like:
- Interest rates are staying mysteriously low
- Most of our debt is owned by US citizens
- We momentarily had a Debt to GDP ratio like Greece and nothing bad happened
These points in and of themselves seem harmless. They're anecdotal in many cases. However, they lead to a potentially catastrophic conclusion that downplays fiscal irresponsibility and sets up the US and the world economies for a disaster.
I attempt to address as many of these tropes as possible but the key ones are below:
- Spending on the right things is immaterial if a recession or depression happens (fixed assets like factories become a liability, not a productive asset)
- Conservatives are fiscally reckless, but so are Progressives
- Increasing taxes can't possibly overcome the imbalance that has been created by the current debt burden (the fiscal position of the US is so precarious that a butterfly could flap its' wings and the whole ivory tower comes crashing down)
- Interest rates are kept articifically low and have been for 50 years by the Federal Reserve and Central Banks around the world...this fuels debt spending at low rates, funds huge war machines, and punishes savers that were actually able to build assets in the 50's and 60's.
- The domestically held debt is actually a bad thing. It's a ponzy scheme. Foreign debtors might actually cut us off at one point. But that same control doesn't happen when it's our own debt we're financing. And when the bubble bursts, US citizens will be the hardest hit.
- Momentary blips that you survive prove nothing...prolonged risky behavior ultimately results in catastrophe
- Propaganda like this is VERY dangerous
I'd welcome you to enjoy the full recording here: 
For reference, John Oliver's original episode is available here: 