It's silly. These debts cannot be paid. You can raise taxes. You can confiscate wealth. You can inflate the currency. But you'll never pay off a $600T debt.
Solution -- Jubilee. Cancel all the debts. Tell the creditors that they played a good game, but they pushed it too far and broke the bank. Now we all owe nothing, and we start over.
I think we need to look around ourselves. We have people in their thirties now...still owing $45k on college loans, $50k in credit card debt, and buying $35k cars with only $1k on the down-payment. These people will never live decent lives, and find themselves at age 65....mostly in debt with no savings. Their entire life depends on social security and Medicare.
You have city and county governments who have employees now easily making $120k a year, and paying $14k on their health insurance (with no contribution by the employee).
I don’t see anything great going on by 2020. We will be measured along the level of Brazil or Thailand. Our super-power status is virtually gone.
The problem is millions of those creditors are Americans, like those owning US Savings Bonds, military retirees, civilian retirees, those who paid into social security and medicare. No, a total default would be a very bad idea that would certainly bring about a violent revolution.
This is the ONLY solution......., everyone's in the same boat. Start over.