Numbers are out for September, inflation is up to about 4% now from about 2%. Probably headed higher because China is no longer buying treasury bills. Only three ways to pay off national dept, raise taxes (too high already for economic expansion), cut spending (doable, but congress & pres have to bite the bullet), print money (buys back the treasury bills with inflated money, thus causing inflation). One other way is one that Reagan tried to do, was to sell off unused or unneeded government land for cash. For instance, the Army or Navy owned a section of Waikiki beach in Hawaii. It was used by officers during WWII. No longer needed worth millions. Government land with oil, coal, and mineral deposits that are not being used. The Feds own half of all the land West of the Mississippi. They could sell some of it for private use or development.
You also forgot the most important part of Reagan was the lowering of Taxes. Top marginal rate was 72% when he took office and that killed growth.
If we freeze spending, Freeze hiring for three to five years/ allow promotions but no new hires. and LOWER taxes by 25% across the board we can have more money pouring into the federal treasury. Any and all surplus is used to pay down the debt.
Under Reagan that was the deal with Congress and the Democrats lead by that Drunken Tip O'neal went back on the deal and started spending like drunken sailors. Sorry to all the drunken sailors I may have offended. That excessive spending has continued to this day.
It took A congressional tax increase that was forced down GHW throat and his veto over ridden, and three tax hikes by Clintoon and one cut by GW to get our economy back to where it was in the early 70's of NYC.
Lower taxes increase Profits, higher profits incourage growth, groth raises the income and lowers un-employment. Lower un employment creates consumer demand and more items are purchased, creating greater profits..... and the cycle continues.
The best way to explain it is as a government would you rather have 7% of a 3 trillion dollar economy or 30% of a 100 Billion dollar economy
7% of 3 trillion = 210 Billion in taxes give or take
30% of 100 billion = 30 billion give or take.
Lower taxes increase the GNP.