Two wrongs don't make your question right...
First, the Chinese are making a choice to purchase US paper in return for continuing to sell their goods to US consumers at "current prices." They accumulate $s through their trade surplus with US, and rather than sell those $s for yuan and cause the dollar to depreciate against it--which would make their goods more expensive, they CHOOSE to purchase US assets to keep the exchange rate stable. We get their cheap stuff and they get an IOU that can gives them other pieces of paper at some future date.
Second, have you paid back any of the government debt that was issued when your parents were working? It never has to be paid back. Just like a corporation that can live forever does, US debt is rolled over as it matures. As the safest and most liquid market in the world, US debt is in high demand by financial institutions, wealthy investors, sovereign wealth funds, et al. As long as the US debt-to-GDP ratio doesn't get out of hand--though no one (not even Rogoff) knows what that means, the debt never has to be paid off.
Now, if Trump's tax plan causes trillion dollar deficits when we're not in a recession, then it's time to worry...but not for the reasons you stated...