Keeping enough balance sheet for expected default

That soon becomes the Fed's problem, and tool.

It can arbitrarily set interest rates on loans higher, with a bond burning. But it is tortuous as it has to buy them first, the Fed might want to keep the stash it has until the decision is made. The authorization to buy and default over some very long period is powerful.

That Fed power can enforce the three way rule, 3% more progressive tax, 3% payroll tax cut, and 3% across the board cuts in spending. Those rules, upheld, keep us in slight deflation, but get the boomers off and to cemetery. If Congress breaks the rules, the Fed defaults a bit on its stash, a bond burning raises rates. Congress think twice.

It works because it is know unknown. We know the millennials cannot afford the bill, so we have potential energy, we can deflate that unknown over time, force part of it to be costed immediately. Like I say, my plan is spending power i the hands of millennials.