3 solutions to our national debt

There are really on 3 solutions to our national debt crisis.  Anyone who says we can ignore it and it will eventually go away is not living in reality.   The 3 solutions I have can be rated as: BAD, BAD and DISASTROUS

First solution:  Austerity measures. 

    Who likes it:  No one.

This solution requires serious cuts the federal budget.  Everything from welfare, social security, medicare and even the military would need to be addressed.  People would need to help other people rather than hope the government would be there to catch them.

Second solution:  Inflate our way out of debt

    Who likes it:   Politicians
\This is not a new method.  Germany did it after WW-I in the Weinmar Republi.  Loaded with all of Europe's war debt (a requirement from Woodrow Wilson to get France on board for his League of Nations), Germany printed loads of money to payback its debts.  This lead to Hyper-Inflation where wheel-barrels of money were needed to buy a loaf of bread and for many it was more cost effective to use the money as fuel for their furnaces.  This method was also used by the US in the 1970's as well.  Strapped with loads of debt both from the Vietnam War and also from Johnson's War on Poverty, Nixon took the US off the gold-standard in 1971 freeing the treasury to print more money and inflation ensued at levels of 15-20%.  This is Washington's favorite way of fixing these kinds of problems.  Because Congress can set their own pay levels, they are immune to inflation.  While the average person must get by with less and see their savings eaten up by inflation.  For example if inflation is at 12%, the value of goods and services doubles every 6 years (rule of 72), therefore money sitting in a bank drawing 3-5% loses buying power.

Third solution:  Bankruptcy

     Who likes it:  Those who want to "transform" the country

Governments can and often do go bankrupt.  This doesn't mean the country does not exist anymore.  It just means the country must change how it does things.  This is what we did to the USSR in the 90's after they bankrupted themselves trying to compete in an arm's race with the US under the leadership of Ronald Reagan.  They had to re-write their constitution and make changes to their way of doing things.  Russia went from a centralized government that owned everything to a republic in which citizens were free to own property and businesses again.  In other words, they became more like us.

We too, if we do not fix the mess we are in may also have to declare bankruptcy.  We would have to re-write our contract with the citizens as well and most likely that Constitution will be LESS Free than the one which we have held for over 200 years.  We may see the end of "states" and instead have a large national system with "zones" or "wards".   We will most likely see the end of gun ownership and the freedom of religion and speaking.  Property rights may need to be "communitized" (the individual is subject to the community and its interests). 

This is of course the most disastrous of the 3 solutions.  But I fear there are many who are counting on this.