"US debt doesn't matter because the US issues the currency the debt is in". Laughable argument. Elementary stuff here - The higher the debt gets, the more we owe. If we can't afford the debt, but can print money, why not just print enough to pay it back, since it is "our money"?
First of all, do you understand what you mean when you say "we owe"? And do you care to explain? Second, who is saying that the US government can't "afford" the debt?
As for paying back the debt, that's a reasonable long term strategy, but doing it abruptly is not a good idea, simply because it would cause chaos. Keep in mind that most holders of government bonds do so to store wealth: When the bonds reach maturity, they simply buy new bonds, and a large part of the economy relies on getting interest on these bonds. If this source of income were to suddenly disappear, it would obviously be disruptive, partly because insurance companies, banks, pension funds, etc. suddenly lose an income stream that they rely on, partly because some of the money would probably go into the stock market or commodities in the irrational hope that comparable interest can be won there. However, the government could certainly implement a long-term strategy of pushing bond yield down to 0% over let's say 15 years buy buying bonds back gradually. It would be wise to complement such a strategy with a restructuring of how the pension system works.
Please explain how that could cause a horror scenario, according to your view.
America is actually sitting on a powder keg, look at Egypt no one expected it and suddenly it exploded.. Real unemployment at 20% it doesn't take much of a spark to light that fire.. Combine with higher fuel and food costs and a hard winter and all u need is a food shortage and that is how governments fall.. Through out history those have been the warning signs, ie lots of out of work hungry miserable people facing a tough winter.. they go crazy...
One significant difference between the US and Egypt is that the typical fraction of income that is spent on food is much lower in the US than in Egypt, so there is a bigger buffer against hunger in case of rising food prices. Of course the poorest in the US are still going to suffer, and it is absolutely irresponsible of politicians to allow that to happen. But it will be quite some time before there's really a potential for revolution like in Egypt.