yea my point was that the amount of sovereign debt to GDP doesn't really matter. In the 1990s during the time when Clinton was destroying welfare and trying a budget surplus, the amount of sov debt to GDP was much lower than it is currently, yet they did austerity anyways, it was more ideology than any arbitrary ratio. And even if the Government ran so much surpluses (say, due to external surplus which will not happen with the U.S.), the capitalists will still demand their risk free assets, since 2008 that has been interest on reserves, but reserves and treasuries are equally risk free (longer term ones have interest rate risk but if you hold till maturity you will get paid).

what i'm saying applies to all countries with their own currencies, not just the U.S. U.S however has a special privilege of the rest of the world 'wanting' to accumulate Dollars. However, most first world currencies are extremely privileged w.r.t. rest of the world wanting to accumulate them, i.e. high on the 'currency hierarchy'. this isn't just about the exchange rate movements but the structural power that comes from geopolitical situation. Among third world countries, larger ones have more privilege e.g Indian Rupee, Indonesian Rupiah, Brazilian Real etc while say, Mozambican metical would be much lower in the hierarchy.

Because the dollar is the global reserve currency and the government creates this currency arbitrarily and in any quantity it desires the US does not need to collect revenue in order to spend money. You're thinking of this as a household budget where you save a bit on the food budget to pay off your student loans, but the money comes into existence by the US spending it, and when the US collects it as tax the money functionally disappear. The purpose of taxation for the US is limiting the money supply, and that is why it's deflationary because the whole world has a demand for dollars.