Trump Just Announced Startling Plan To Obliterate National Debt - 'No Modern Precedent...'

Wouldn't be the first time and we seem to always recover. We, as a nation would fine, although many citizens would be in crisis, since all those dollars we have invested in a variety of monetary instruments would crushed, along with those getting all the welfare checks of any kind.

United States (1779 (devaluation of Continental Dollar), 1790, 1798 (see The Quasi-war), 1862,[7] 1933 (see Executive Order 6102),[1] 1971 (Nixon Shock) nine states (1841–1842)[1]
10 states and many local governments (1873–83 or 1884)[1]

With enormous national debts there are only 4 potential outcomes long term: 1. Repudiation/negotiated partial payments backed by threat of repudiation (as mentioned here) 2. Hyper inflation to pay face value without paying real value 3. Tough, painful political choices often reneging on promises to citizens (Like Social Security Medicaid Medicare, enormous tax increases) 4. Collapse. The trick is 1 and 2 normally lead to 4. And everyone hopes they can just avoid 3 by kicking the can down the road until they leave office or die and someone else has to deal with it.