We are not able to pay the debt, we can service the debt by paying the interest but cannot pay the principle. That is like saying you can pay your personal debts, but you are only paying interest on the house, the cars, then college and groceries. So it climbs ever higher. That lasts only so long as people respect your method of payment.
Instead of a 30 year mortgage on the home, but infinity of years mortgage on the home. When you die, your kids take up the payment, then grandkids, then great grand kids, then the great great grandkids. Nobody in the family ever owns the home outright. The Federal Reserve OWNS IT ALL.
In short, you can never own it at that rate, THAT is insolvency.
“We are not able to pay the debt, we can service the debt by paying the interest but cannot pay the principle.”
Sure we can. We choose not to, but we have the ability.
You obviously do not know the nation’s financial position.