And tdtz' link is a good example of the good humored irony we should all strive for. It's utterly wrong, of course, though really well done. The analogy between a family budget and a government with its own currency doesn't hold, but I'll spare everyone a reference. There's lots.

Saying that it is utterly wrong does not make it so. Sure the federal government has its own currency. Why do you think that means that we can print our way out of an economic mess. If printing (inflating) money supply solved the problem, then why not just go crazy with the printing press? (it's really a virtual printing press, money supply is actually increased through lower interest rates that allow money to be loaned repeatedly).

Yes, you are right, we will never have to pay an actual debt. What will happen is that we will devalue our currency and pay off those t-bills with worthless paper. But in the process of devaluing our currency it takes more of our worthless paper to buy actual goods and services. Things like food, energy and housing will cost more because our dollar is worth less. We may not get the bill for all of this economic irresponsibility, but we will definitely pay.

There are no shortcuts with fancy economic theories. It's simple math. And the same economic principles that apply to individuals also apply to governments.