Chapter 11 (10) of the bankruptcy code: Reorganization of the Great American Enterprise

The Real Crash (America's coming bankruptcy) by author Peter Schiff, St. Marin's Press, 2012.  I quote ... "Taxpayers pay (sic. 22 million) government workers whose money goes to government unions whose money goes to the campaign of politicians who approve more taxpayer money for the unions who then contribute more to the politicians".   Paraphrased ... "but unlike most unions government unions negotiating with people (politicians) who are spending someone else's money.   Un-beknowance to the public government workers were unionized, lionized, and pensionized with taxpayer debt.  At $5 trillion per year in unfunded pension debt it doesn't take long to sink the ship.  America is insolvent, cannot pay its priority bills and will file for Chapter 10 bankruptcy (quasi reorganization) or go through dissolution or start over."

Using the same tactics that bail out companies use for businesses America will stop paying unsecured and unrecorded debt, downsize fixed overhead (layoff bureaucrats), sell of government owned properties (Federally of State owned land), privatize or eliminate redundant regulatory agencies and turn union pensions into 410k plans.  Then the wealthy, who have profited from the Great American Enterprise, will have to infuse equity capital to stabilize the payment of secured debt by buying government securities  to pay delinquent interest and delinquent pension accruals. Once the government (States as well) is at a break-even point with cash flow the secured debt will be refinanced.  This will "drain the swamp" so to speak to allow the lawmakers unmaking laws we working Americans don't need.  In a decade of professional financial management using GAAP accounting principles the country can again protect the value of the dollar and create a true surplus for paying down the unsecured debt to China, Japan, Saudi Arabia, Mexico, and the secured debt to the holders of Treasury Bills and Notes.