Perhaps so, using cash based accounting. However, using GAAP and accrual accounting to honestly recognize the present value of current liabilities, the shortfall, net current liability is estimated by various economists to be between $100 Trillion and $220 Trillion. In other words, it is hopeless.
-—— it is hopeless———
No, not hopeless. You made the call using present value of income. The solution is to pay off the debt in inflated income. The compound effect of inflation at say 7% can make the present valued debt manageable in say 10 years.
Compounded Inflation will be the solution.