You forget, with the contract with America, they DID balance the budget, and were in line to pay off the debt by 2012. However along came 9-11. Also the deregulating of the banks in 1998 under Clinton with a Republican congress, BOTH did this, which caused the housing bubble. Another thing, Ross Perot brought out, that Bush Senior started, and Clinton agreed and went along with it, the "Free Trade Agreements" which gutted our industry, the "giant sucking sound". Lots of little things here and there that all add up. It happened with both parties, but the Dems have succeded in demonising the Republicans because the downfall started after 2006, end even though dems controlled congress at that time, they blamed Bush for everything and it stuck. Then some of it all goes back to 1972 when Nixon under a dem congress did away with the gold standard. After WWII gold was chosen as a standard, with the American dollar as the worlds currency exchange. With the excessive government spending on Johnson's Great Society, the Vietnam war, and the introduction of medicare and medicaid during Nixons reign with the approval of a dem congress and senate, the nations of the world were dumping the dollar and putting it into gold. So Nixon had the gold standard done away with and went with fiat currency. That lead to inflation, and recession, oil embargo by OPEC. Finally Reagan stabilized things and had them turning around, until Bush Sr, started this NEO crap and was working on a free trade agreement with Canada and Mexico. Lots of little things here and there.
In order to go back to the gold standard, everything would have to stabilise and balance, budget and debt must be taken care of, then we can go back. Republicans idea of drastic cuts is better, but we still might have to restructure taxes. I
I just don't see any of this happening until Obama gets America down to the world level, militarialy and economically, to "spread the wealth around".
We need to establish a barter system starting among ourselves. Trade skills for food or things. Bullets for beans, beans for bullets, etc, probably starting among ourselves, and with neighbors. I think education for our young should include electricians, plumbers, heat & ac workers, welders, pipe fitters, carpenders, auto mechanics, equipment operators, farmers, canners & food preservers, reloaders, nurses, doctors, vet medicine, machine tools, metal forging.
Learning old 1800's skills might also come in handy, like smoking meat, salt and sugar curing meat, canning, iron forging, petal powered sewing machines, steam powered equipment, including generators, making candles, making thread and cloth with spinning Jennys and weave machines.
Using modern self sufficiency like solar and wind for small scale electrical use. Making biodiesel, making a still for alcohol fuel. Getting out of stocks and bonds, if possible without excess tax or loss, investing in gold, sliver, copper, lead. Not just investments on paper, but the real deal.
With inflation coming, and higher taxes, bartering is going to be the underlying economy. I saw glimses of it durring Carter. It is also happening now.