best course of action?
short term: cut discretionary spending and by quite a bit and for the US that means mostly military
enact reforms AND enforce existing law and clear out the insolvent, especially the banks, some of the old law that got undone should be brought back
work with the states and people and make it abundantly clear what is going on and stop lying to them, keep some honest economic stats for a change too.......if things are bad then say so, don't lie about it a hide from it, lying will bite you later
protect your people, ya it sucks but it is far easier to feed and take care of your unemployed than face a revolt and its cheaper than the alternatives in the long run
get ready for a protratced time of basically no growth, make sure state and local govts are aware of our situation.........that way they don't over hire or make pension promises they can't keep
kill the FED, set rates at market detrmined levels, just do it carefully and slowly, restore money management back to the govt where it Constitutionally resides anway
work with other nations not against them, they are in this too, no need for currency and trade wars right now
stop borrowing, if you can't afford it then don't buy it
Phase out the subsidies that favor high energy industry and low labor production so people can get back to work. We are a developed post industrial economy, act like it. The govt could save huge money here. People will work hard rather than starve or take hand outs if given a reasonable chance(imagine that).
put the nation on a crash energy diet, use incentives not increased taxes to do this
we really need to get honest about what the govt's mandated services are vs what it can actually afford to provide as well, by like 40% or so
break up the too big to fail, use anti-trust laws and break the monopolies up
do all that, then start lowering some of taxes to a reasonable level as revenues fall in line with actual expenses
long term:pray it works
current path and policy:
it mirrors Japan except we are a net importer, but covering up debt with funny money and pumping up govt spending won't work, we can't borrow that much and for long enough nor does it fix what ails us
Like Hoover Obama is pretending the fraudulent and corrupt have changed and they haven't. They have dug in and latched onto the govt money spigot. This won't end well.
I could go on but all it would do is piss me off