You don’t know at all what the fuck you are talking about. First off, the US government doesn’t borrow in the way a person does when they take out a loan. The issuing of bonds is simply how we have decided to create money and to manage the Fed’s interest rate policies and to manage inflation, which is written into the Federal Reserve Act. Government debt isn’t supposed to be paid back, it never will be, and government bonds (in addition to being the safest investments in the world) are just as liquid as dollars. And technically, the government doesn’t have to issue bonds to create money at all. It can create money through the Treasury without the need to issue bonds, and MMT economists like Wray want the government to stop issuing bonds at all and to simply create money through fiscal policy, and to take money out of the economy through taxation alone. Bonds are another means of taking money out of the economy, but they are a means that actually subsidizes financial capital, since bonds garner interest. Changes to how money is created can be done pretty easily. “Government borrowing” (not the best phrase, since the government is the only institution in the world that can create our dollars and coins, so it doesn’t make logical sense that it would need to borrow a currency it alone can create) and national debt are a non-issue. Period. Learn about money creation and how the Fed/Treasury works. There is also no reason that the government would have to even issue new currency or to issue bonds since single payer would save money. You could structure the system in such a way so that taxes equal expenditures. The government first spends money, then taxes and sells bonds with the money it has already spent.
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