Maybe Biden should just cancel the 33 TRILLION National Debt.
Who is going to stop him?
You make a good point. If debt can just be canceled by declaration, then you should be able to apply the same theory to the national debt.
Our collective debts are never going to be repaid. Face it.
The whole rotten consumer credit system is either going to undergo controlled demolition or chaotic collapse, it is the practice of adding these never-to-be-repaid debts to GDP as assets to the usurers that has so grossly overstated US GDP compared to countries with controlled money supplies.
It's sad that our great carnival of usury and excess is coming to an end (as it always does), but (read your Bible) unregulated moneylending has to be controlled by the ruler OR you wind up with $90,000 colleges, $80,000 golf carts, buildings worth 5 cents on the dollar and all the rest - and if you think America's children will become indentured servants to Larry Fink, Salim Ramji, and David Solomon because debts are inviolable - think again.
Oh, yeah - and prepare for the Day After.