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The socialist politicians will eventually declare a WWII style emergency 'bond drive' and start collecting private savings and retirement accounts, etc as a downpayment on the nat'l debt, depending upon public pressure and appealing to patriotic sense of duty.

That is essentially what happened to Weimar Germany and Austria after WWI leading up to the 1923 collapse. Citizens rushed to buy government 'war bonds' as a safe haven against other dwindling investments, only to have the war bonds collapse in value as the mark and kroner rapidly depreciated in value as the governments printed more and more money to cover their debts. The result being that all who invested in the war bonds lost those savings through collapse of purchasing power as well as becoming destitute in the process.