So your belief is that tax revenue can be made to increase in an ever-growing amount keeping the "wolf from our door", eh??? Great idea but it hasn't worked too well in many different countries over history and it's hard to see why you think the US is different than all of those? Perhaps because "it's us"? I'm afraid hat's not a very strong argument. every country that has ever existed has had one of more cataclysmic economic upheavals in its history while we - so far - have been relatively unscathed. There's no reason to think this would continue forever ... or is it because our currency is green???
The only hope of your scenario playing out over a long term is for those controlling the money supply continuing to inflate the economy overall steadily a bit at a time - as Beardsley Ruml said. It's very likely that some external force will eventually disrupt that delicate balance and should that happen (which in history it always has) things will be very sticky indeed. You don't seem to be aware that almost every country has "gone bankrupt" during its existence and some are no longer around.
It's a business thing. Net Worth = Assets – Liabilities (from here)
Sure, the idiot press talks about "paying for tax-cuts" etc., but spending involves using up assets, not liabilities or net worth (with or without the "")..
fwiw, a big chunk of assets are stuff like cash on hand and funds owed to the government. Some people like to think they're Scrooge McDuck trying to fill a money bin, but they're idiots. Before I want the government to make me pay taxes, it first has to spend it's cash on hand before I give it any more. Doing this won't make the US go bankrupt; not even "bankrupt".