Welcome to DU
How do I view government debt in the US? First I view borrow-and-spend practices as more a republican practice while democrats are the more fiscally responsible by making sure spending is paid for with our tax-and-spend practices. Government debt isn't a big problem so long as its within the ability to service it. Problem is, the government mostly through the republicans have borrowed-and-spent our economy to the brink of collapse.
Does the current situation in Europe have any bearing on my thoughts? Of course it does why wouldn't it. Europe is a large economy and with business practices being intertwined globally as they are today. The systemic risk of Europe's economy imploding poses a great risk for our economy as well. Conservative deregulations of the market and so-called free-trade agreements are a major cause of today's global systemic risk.
Is the solution simply to raise taxes on corporations and the rich? The solution is far more complex then just mentioning one facet. But if the context of your question is do I think raising taxes on corporations and the rich will improve things. Yes it would but it will have to accompany other changes which de-incentive businesses from operating off-shore. History shows when the top marginal tax rates were between 50% - 90% our country's economy was much, much more stronger than it is today. History also shows that back when the top marginal tax rates were low as they are now and lower, our country's economy consisted of a handful of robber barons and everyone else was poor and struggling. Spending wealth into the economy grows it, not consolidating it and hoarding it.
How can we accomplish it now when it has not been possible in the past? Well, that's not what history shows. Strikes, picketing, civil disobedience and labor unions work. That's how its been done before. Also don't expect things to happen in just a few months. It takes a bit longer than that. Occupy has just gotten started.
If not, is it acceptable to instead run the debt up until we have a default or defacto default via excessive inflation? Defaulting is not a good idea especially when we rely so much on imports?