With spending on the four biggest budget items – Medicare, Medicaid, Social Security, defense – rising, and GDP growing at 1 percent, future deficits will exceed this year's projected $600 billion.

National bankruptcy, then, is among the existential threats to the republic, the prospect that we will find ourselves in the not-too-distant future in the same boat with Greece, Puerto Rico, and Illinois.

Yet, we drift toward the falls, with the issue not debated.

Ernest Hemingway reminded us of how nations escape quagmires of debt: "The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists."

"Debauching the currency," Lenin's depiction, is the way we will probably destroy the debt monster.