Eliminating the U.S. government’s debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial. Below are some of these options.
Key Takeaways
- There are a number of methods to reduce the U.S. national debt that go beyond raising taxes and cutting discretionary spending.
- One of the most controversial is to open the nation’s borders to more immigration, kick-starting entrepreneurship and consumption.
- Raising the Social Security retirement age is a frequently suggested option.
- A national sales tax, such as seen in Canada and Japan, could also help.
Open the Borders
This…