The most likely solution to the U.S. debt crisis is severe austerity triggered by a fiscal calamity, former White House

[NickB79]

https://fortune.com/2025/12/06/us-debt-crisis-soution-severe-austerity-fiscal-calamity-default-rates-financial-repression/

One way or another, U.S. debt will stop expanding unsustainably, but the most likely outcome is also among the most painful, according to Jeffrey Frankel, a Harvard professor and former member of President Bill Clinton’s Council of Economic Advisers.

Publicly held debt is already at 99% of GDP and is on track to hit 107% by 2029, breaking the record set after the end of World War II. Debt service alone is more than $11 billion a week, or 15% of federal spending in the current fiscal year.

In a Project Syndicate op-ed last week, Frankel went down the list of possible debt solutions: faster economic growth, lower interest rates, default, inflation, financial repression, and fiscal austerity.

[underpants]

1. How about increasing revenue? Just a thought.

“Austerity” is an economic disaster waiting to happen. Everywhere it’s been done lead to a downturn. He has to know that.

[Fiendish Thingy]

2. Frankel can take his neoliberal austerity and shove it up his ass.

Now hear me out, but another way to look at the debt crisis is that it is caused by corporations and rich Americans paying too little in taxes, as well as the minimum wage being way too low.

Raising both taxes on the rich and wages for working folks would generate lots of revenue.

[ck4829]

3. Nah, no more "Democrats will have to be the bad guy and do austerity for Reagan and Trump exploding the national debt"

I'm good.

If we're serious about the national debt, then we should undo every Reagan and Trump economic action.