Heh. We're already a nation in chains. It's called "easy credit". Solvency gives the individual a chance to control their own destiny. If an unforseen event occurs, threatening the entire economic structure with massive debt default, the public will be at the mercy of the federal gov't to either bail them out or face disaster. We will all be welfare recipients on that day...
Let people who get in financial messes of their own doing, (i.e. buying on credit...don't buy until you have the cash in hand, folks.), should be cut loose and allowed to sink or swim on their own.
They dug their hole, let 'em get out of it themselves.