I noted that the ONE thing he didn’t mention at all is “debt repudiation.”
While unpleasant, this is the fastest, and easiest way for the nation to get back on its feet.
And only those people most responsible for our current situation are willing for our nation to suffer for decades, just so they can continue their merry japes.
What happens when the US renounces its debt? To start with, import trade ends. Except for commodity swaps, like food for oil, the US will get no more foreign made goods. And I very specifically mention oil, because that is our #1 import.
Right now, in the US, there is a normal backlog of crude oil waiting to go to the refineries. There is also the Strategic Petroleum Reserve, which has about a six month supply of oil for critical functions. Between the two, this means that the US has between six and eight months to get every unused oil well in the country pumping. That may be enough time, as long as the government doesn’t mess around.
Gasoline will jump to maybe $8-10 a gallon.
Those parts of the stock market dependent on imports will crunch, but because everything America previously imported will now have to be made in America, there will be a big jump in new industries.
The days of deficit spending will be over. The government will not just have to have a balanced budget, but a surplus budget. This means an end to Social Security, Obamacare, Medicare, and Medicaid. As well, Defense will have to be severely cut, perhaps as much as 50%, as well as the overall size of the US government.
This will mean the recall of the vast majority of US personnel stationed overseas.
Internationally, there will probably be a massive depression, as socialism dies all at once, everywhere.
Fortunately for the US, right now we have a housing and food surplus, both of which are relatively stable, and will do much to alleviate suffering.
The end result is that debt repudiation will result in 5-10 years of economic downturn, and the US will emerge from it with much better footing. But if the government tries the hyperinflation and re-denomination of our currency route, we make look forward to 30 or more years of misery, with America left impoverished at the end.
Which means thermonuclear war. Which means that that is not going to happen.