Last time we went thru this BS, someone asked how to handle the debt. Well, limit the foreihn debt to no more than it is. Cut the budget, as the nation recovers, to less than the tax income. Then use the surplus to buy out the creditor nations. Eventually, permit only 40% of the debt be purchased by foreign powers as a maximun, and run defecits only during wartime or recession.
HOWEVER, any bidding on debt would go to US Persons and corps. with only remanders going to foreigners after we are thru.
Remember, that way we keep out GDP profits home. Every dollar we send in interest we send overseas is a foreigner's hand in our pocket . picking our wages out. When we owe the debt to us, the wealth stays home and it is utterly managable.
Had we done that 30 years ago, we'd not be in this recession/debt trap that we are today.