Along with all government debt owed to citizens outside the United States, we are already also in a state of soft default on retirement, healthcare, and the other entitlements we tried to promise our selves in the past through government.
The reality is that those in retirement are being paid back with dollars that are not worth anything close to those they contributed for safekeeping to their government.
The retirements and healthcare guarantees we promised to one another in the past will simply not be there.
Unless we make a New Covenant.