I disagree, the US is teetering on governmental debt collapse. One bad auction and it's all over. Since the banks at the auctions are all Fed backed buyers there will never be a bad auction. However when any of the holders of US debt finally realize that the debt simply will never be paid back then the US government can rapidly reach a scenario where it pays more in interest than it gathers in taxes. This will again never be allowed and the outstanding debt will simply be bought by newly printed money. However outside of a decreasing money supply, you cannot loan such vast amounts to the government without quickly reaching unsustainable inflation. So the federal government can only be funded by what is contracting in the money supply without causing panic. This means you have a very shaky situation that if they pull it off leads to everyone being contracted by the government and the availability of freely (free market) produced goods falling very low and the purchasing price of a dollar along with it. I doubt they can pull it off.
This is however only one of the ways the US federal government is broke. If we add social security and or the medical programs then we definitely have the political event you spoke of.
I don't disagree, but the question becomes "when?
" Austrian economists have been predicting this for decades, and they are right, but all that have provided a time frame have been wrong.
Have you read Thomas Woods' Rollback?
No, I have not.