Treasury bonds issued by the U.S. Government are considered virtually risk-free, because they are backed by the U.S. Government's ability to tax in order to pay them off.
I understand that Treasury bonds are one of the least risky investments, but with the national debt increasing by a huge amount every year, should I be concerned that the U.S. Treasury will start defaulting on its bonds?
The debt-to-GDP ratio is hovering above 100%, and prolonged high debt-to-GDP slows economic growth. However, people still continue to buy Treasury bonds. What are some good reasons to buy Treasury bonds despite the high debt-to-GDP ratio?