*CREATE AS MUCH INFLATION AS POSSIBLE*
This will ensure our old debts effectively cost less to service.
*RAISE TAXES*
As high as tolerable to fund most of the debts. Only possible with deregulation and massive GDP growth.
*DEFAULT*
Default on the debt, loose US Dollar Hegemony and collapse the global economy killing millions (This is not an option)
Hated Politicians and officials give rise to public unrest, unless ideology driven i.e. climate change
*SOFT DEFAULT*
Using inflation to pay other countries with a devalued currency
*Fiscal Austerity*
Lowering government spending to an affordable level, and actively defaulting on some but not all debts
The Federal Reserve
&
The US Treasury
&
The US Government