Actually, I somewhat agree Ryan. But we should've done it in 2008 and restructured the debt then, implementing fiscal and entitlement reform. People think Bush/Obama/Paulson/Bernanke saved us from a devastating collapse, when, in reality, had we gone about it the right way, we likely would've reached "escape velocity" by now (the 20-21 depression was sharp and short). But, instead, we are merely prolonged and exacerbating the inevitable. The worst thing the government did was picking winners and losers in terms of which banks to save, which mergers to facilitate, thereby creating moral hazard, not to mention their interference in the housing bubble by obfuscating the price and transparency of credit via feckless monetary policy, subsidizing the GSEs such that they were no longer merely quasi-governmental organizations, and endorsing a ratings oligopoly. And where was the SEC post Sarbanes-Oxley?
Obviously taxes are going up, but spending has to be cut big-time. We could implement fiscal reform so that's it's pro-growth, but our politicians will fumble the political football.