"We need policymakers to come together, agree to reduce deficits ... and put our national debt on a downward sustainable path as a share of the economy."
I kinda suspect that debts to people and companies within the US would mostly get erased. Because at the end of the day, money is a fictional thing we invented to make it easier to conduct trade. Odds are that we would take away the real valuables from the former elites - their buildings, land, assets, and finding jobs for honest workers at places that don’t suck donkey.
We might be able to beg foreign nations to delay or restructure debts. Maybe. Depends on whether the diddler in chief presses the nuclear button.
I kinda suspect that debts to people and companies within the US would mostly get erased. Because at the end of the day, money is a fictional thing we invented to make it easier to conduct trade. Odds are that we would take away the real valuables from the former elites - their buildings, land, assets, and finding jobs for honest workers at places that don’t suck donkey.
We might be able to beg foreign nations to delay or restructure debts. Maybe. Depends on whether the diddler in chief presses the nuclear button.
Historically this is always solved through inflation. Always.