Over 20% of the national debt is owned by the federal government. Over 10% is owned by the federal reserve that has to pay its profits to the federal government. As a result, a full third of the debt is an accounting allusion. 70% of the debt is held domestically, including that held by the government. It is held by insurance companies, retirement plans, college foundations, etc. We benefit from the debt domestically. The 30% held overseas is largely held by people who do it to generate dollars so they can have a steady supply to buy oil and trade with the US. There is no debt crisis.