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Thank you for your excellent posting of economic articles.

When the Crash happened, I said to my friends, “They will try to inflate their way out of this. Inflation has been used before to solve debt crises.” However, this time the massive entitlements problem combined with the demographic bomb make inflating our way out nearly impossible.

I also think that trying to push individual program reforms through Congress will fail. Too many vested interests who will fight to the death.

I will advance my idea again of how the USA can fix the staggering debt problem:

DECLARE NATIONAL CHAPTER 13 BANKRUPTCY AND APPOINT AN ALL-POWERFUL JUDGE TO DISCHARGE IT!

1. Pass a law (simple majority in Congress) to declare national bankruptcy.

2. The Bankruptcy Judge and his Trustees make all the decisions and kill all the sacred cows. Small Biz Administration, farm price supports, County Agents, Dept. of Education, National Public Radio, National Endowment for the Arts, unneeded military bases, numerous commissions, subsidies, grants, etc. would come under the knife or be eliminated. A million leftist GS14s would have to go flip burgers for a living using their liberal arts degrees.

3. Cut entitlements. Advance the age for collecting Social Security and Medicare. Re-examine every person on SSI Disability and make them prove they are disabled. Make it a priority to send sick illegal aliens back to their country of origin for medical care (off Medicaid). Cut Congressional pensions to ZERO since they got us into this mess. Cut Presidential pensions to zero. Cut civil service pensions to what the lowest GS4 gets.

4. Eliminate contracts. No government unions will be recognized.

5. Lay off 80-90% of all federal workers. Contract out every function that can be privatized.

6. Sell assets. GM/Chrysler stock, mortgages held by Fannie & Freddie, BLM land, some national forests, federal buildiings, mineral rights including offshore. All proceeds must be used to PAY DOWN THE NATIONAL DEBT.

How’s that for a start?