I know exactly what Trump is trying to avoid-Greece.
There are two primary ways to go about that - cutting spending and raising revenues. I won’t get into specifics on how that can be done, but suffice it to way, both will require the presidency plus a working majority in both houses of Congress for many years - not just 4 or even 8. We ain’t gonna get ‘er done with the kind of paltry economic growth we’ve had for more than a decade or without major overhauls in entitlement spending. Both will also require standing up to and repelling an all out assault by Democrats and their press sycophants.
Undermining trust in U.S. treasuries is a foolhardy notion. We need people clamoring to invest in this country.
The correct way to get rid of the debt requires two actions:
Cutting taxes in a way that stimulates business and increases hiring.
Controlling spending and reducing it 1% per year.
The two actions will meet at some point and the excess revenues due to both much increased business can be used to decrease the debt.
You have to remember that we are going through one of the worst recessions in our history. FDR set it off by signing the Smoot-Hawley Tariff Act for the same reason that people want high tariffs now, to protect our own industries. The whole world went into a deep recession as countries began to raise tariffs and restrict trade. It was a disaster that lasted until 1947 or so.
Although Hoover raised tax rates in 1932, FDR was in agreement with most of the provisions and further extended their reach with large additional tax increases in 1935, 1936 and 1937.
The original recession would have ended in 1934 but the increases in tax rates killed off the recovery.
The references to Hoover and FDR refer to the great depression not the current depression.