If a 12 year old could solve the problem the world currently finds itself in it would have been solved a long time ago. The suggestion that moving the ability to print money into the hands of politicians will solve any problem is ludicrous. How about the country just stopped running deficits, that's how you stay out of debt.
To provide a counterpoint to Mikey, debt is not bad when used to generate opportunities to grow the economy. Interest provides a way to assess the time value of money, so a project/business can decide whether spending money on something is worth it. The concept of debt and interest also rewards people who can save, providing a return for money stored away. Doing away debt is not possible anymore.
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