How a bout a National Do-Over? Most of the money we owe we owe to ourselves. Let's just do the old Old Time Biblical thing called a Jubilee when "All landed property during that year reverted to its original owner, and all who were slaves were set free , and all debts were remitted." Then we can all start over. The benefits would be tremendous -
1) People would have more disposable income because they would have to pay credit card companies, mortgage holders and lenders of every kind;
2) Students who recently graduated would not be saddled with tons of debt before they even find a job;
3) Tax revenues would increase because the additional disposable income would allow people to purchase more, which in turn would create additional demand for products, which would create the need to hire more workers, which would get people off the unemployment roles, which would reduce government expenditures and the taxes the now working middle class would pay would grow exponentially.
4) Businesses would have more money to invest in new equipment and the development of new products;
5) Female college students would feel compelled to sell their bodies to pay for their education - http://www.huffingtonpost.com/...
6) We could have real and reasoned debates in Washington about the direction of the country without getting hung up on contrived debt ceiling issues.
7) Health care and other necessities of life might finally become affordable;
8) There would be much less poverty because there would be more jobs;
9) Since the country would have no debt it would be much simpler and easier to fix the tax code;
10) the potential for economic growth would be tremendous!
So - Why Not Default????