Various economists are tossing around dumb ideas (i.e. the trillion-dollar coin, second mortgage on Alaska) for "solving" the national debt. All of those ideas are invalid. All are mere accounting tricks with no real transfer of value. There are only two honest ways of eliminating a debt: through an actual payment, or through inflation.
So let's transfer some actual property, not just fiddle with ledger entries.
I propose giving California to China as a permanent colony in exchange for all debts. But the transfer comes with very long strings. The Chinese occupiers must be fully and enthusiastically Chinese
Specifically, the new settlers must:
(1) Shout racist abuse at everyone who is not pure Han.
(2) Smoke constantly and aggressively.
(3) Build huge dams and coal-burning power plants, with no regard for "endangered" species.
(4) Level the Sierras and strip-mine all the gold and other minerals.
(5) Use the slag from (4) to build a new continent west of San Francisco, covered with 200-story solid gold Han-only casinos.
(6) Maintain huge slave labor camps.
(7) Execute faggots and bulldykes.
(8) Eat everything that moves. Dogs, cats, condors, brains of live monkeys.
(9) Burn down "old growth" redwood forests and sell the ash as a dick enhancer.
(10) Imprison pornographers and hippieshits.
(11) Abort female babies and treat male children as little emperors.
= = = = =
One more condition: These essentially Chinese actions must be constantly televised in the remaining US, so that normal Americans can watch hypersensitive Californians screaming and dying of unbearable mental anguish. This will provide a huge source of revenue for the colony, and may even have the side benefit of crowding out all existing media. Revenge Channel 1, Revenge Channel 2, Revenge Channel 3.... pretty soon there's no audience for NBC, CBS, Fox, etc.