“””What if I could wave a magic wand over the US and cancel all debt - national, state, corporate, and personal.
Would you be excited to see that if it could happen?””””
I would only be excited if you allowed me to buy 10% of your magic wand at a cheap price before you began waving.
I couldn't do that, since the money you would use to buy 10% of my magic wand wouldn't exist anymore.
You see, 'money' is just a 'claim on debt'.
If all 'debt' disappeared then 'money' would be a claim on 'nothing'.
There would be no money in our current economic system.
Nobody would have a paying job. There would be no food to buy. Anarchy would prevail - and hundreds of thousands of people would literally starve to death if food isn't provided for free to them by laborers working for free.
Be careful what you wish for...