Debt spirals, doom loops and default danger – pundits fret all of these and more as US federal debt tops $40 trillion. They see profligate politicians and climbing long-term interest rates soon rendering the world’s largest economy penniless. Europe and Japan are not much better off, they claim. The facts argue otherwise, however. Measured correctly, global debt is down over the last decade. Yes, down. That does not mean I crave more government debt. I’d prefer less.