Exactly, the gov't owes the creditors money, but how does the gov't get the money that it owes to its creditors? Through taxes... In order to payoff creditors it has to collect more money then it spends. A taxpayer may send $5k to the gov't, with $4.5k in services granted and $0.5k going to payoff debt. During debt accumulation, we are getting more services then we pay for. During debt payback, we are getting less services then we pay for.
I would tend to argue that in any case, we are getting less then we pay for, no matter how much deficit spending there is. Gov't inefficiences and all...
The whole fallacy of the balance of the debt is that the "we" that indebits and takes is not the "we" that will pay. It is a theft from those who follow as future tax payers to pay for "services" spent for others.
And selling US assets is stupid beyond belief.. It is a loss of US wealth that will affect future generations and turn them into virtual economic slaves..