“China’s debts are much worse than ours were before the 2008 Great Recession”
The federal debt is ~$400,000/American citizen full-time worker.
What do you think is ‘affordable’ when it comes to a house, Mr. & Mrs. Young?
$300,000, tops!
The $300,000 isn’t enough to secure Mr. & Mrs. Young’s $800,000 share of the federal debt.
You might say there’s stock market value to secure the federal debt. That would need to be about $500,000 for Mr. & Mrs. Young and their kiddies. That’s $500,000 after state and federal corporate tax is paid. Yup, $500,000 profit, after tax, just from one American citizen family.
What about the migrants? They can bolt.
Federal land could be used to secure the national debt, at least a good part of it.
That is what the nation did in 1787 with the Northwest Ordinance.
What has happened, in the past 250 years, is productivity has expanded in order to diminish the debt. We are in the start of a golden age of more and more productivity.