The national debt is not denominated in acres, stocks, sq footage, ect, so all of that has to be sold because very few of the rich actually keep just cash around. The mass fire sale of all this property deflates the price of those asset categories, so you have massive nationwide deflation of the currency, making the national debt actually harder to pay off, because dollars are worth more after your fire sale versus before.
This isn't even getting into the issue of paying the debt shrinking the money supply and thus the economy because of how money is actually made by the Federal Reserve. There isn't even enough M1 money supply ($18 trillion) to attempt your midpoint of $31.5 trillion because every dollar of debt paid is a dollar remitted back to the Federal Reserve.
Your plan would unironically be the final nail in the coffin by flat out killing the economy prematurely via massive asset deflation, while still having trillions of dollars of debt unpayable because there literally isn't enough USD in existance to pay it all.
Thank you for a deeper dive than just the numbers. It's pretty funny that some other commenter is accusing me of being a Soros troll :) It's like he can't stand the idea of anyone posting hypothetical. although somewhat outrageous. scenarios.
The national debt is not denominated in acres, stocks, sq footage, ect, so all of that has to be sold because very few of the rich actually keep just cash around. The mass fire sale of all this property deflates the price of those asset categories, so you have massive nationwide deflation of the currency, making the national debt actually harder to pay off, because dollars are worth more after your fire sale versus before.
This isn't even getting into the issue of paying the debt shrinking the money supply and thus the economy because of how money is actually made by the Federal Reserve. There isn't even enough M1 money supply ($18 trillion) to attempt your midpoint of $31.5 trillion because every dollar of debt paid is a dollar remitted back to the Federal Reserve.
Your plan would unironically be the final nail in the coffin by flat out killing the economy prematurely via massive asset deflation, while still having trillions of dollars of debt unpayable because there literally isn't enough USD in existance to pay it all.
Thank you for a deeper dive than just the numbers. It's pretty funny that some other commenter is accusing me of being a Soros troll :) It's like he can't stand the idea of anyone posting hypothetical. although somewhat outrageous. scenarios.