“I think the only thing to do is to cancel all debts”
This will be as much of a train wreck as riding the train over the cliff. Much of the world and Americans are holders of that debt.
Resetting spending to 2.0 trillion which is about the current tax take the federal government gets and freezing the spending at that level indefinitely would allow us to grow out of the debt. 1.6 trillion dollars cut in one year?
Pretty much all federal social programs go away. The only social program left are payments to our military service men and women for disability. All federal pensions are cut to what we can afford to pay. Any and all government pensions are immediately converted to a 401K type retirement plan.
Federal government take of GDP needs to be at 15% max with 7.5% of that 15% going to pay down our debts.
We’re still talking complete and utter chaos. What do you do with 100 million people that get payments or some sort of welfare from the government? 30 to 40 million have no concept of life without money from the government putting food in their bellies?
This is crazy strong medicine that few Americans have the stomach for.