Why not erase the national debt by assessing and collecting each citizen's share?

Why can't the national debt be erased by assessing and collecting each citizen's share?

Because that is not how national deficit works, the goal of the national debt is to make the economy stable regardless of the business cycle. If the citizen's share were to be collected, the economy would drop, and the government would have to start printing money to salvage the economy and cause some hyperinflation. Then the currency and the ability to pay off debts will decline, and the world would be in trouble since it uses the US dollar as a reserve currency.

Also, citizens need money to maintain themselves. If all people were suddenly taxed to pay off the debts, the standards of living would be affected tremendously. People would become poverty-stricken, sell their properties, and be in debt themselves, creating an economic crash.

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