As a society, we need to be producing more things of actual value and spending less until we bring the deficit and the debt back into a manageable size.
The general options available: cut spending, raise taxes, print money, or sell government assets. Some of these options are better than others.
For me personally, I tend to favor the following options in this general order:
1) Sell government assets (gold, silver, Postal Service, TVA power plant, Amtrak, and Federal Reserve owned assets)
2) Increase the retirement age and link the retirement age to life-expectancy. (There should of course be exceptions made for hazardous professions, such as fire-fighting or steel mill laborers.)
3) Tax pollution (municipal solid waste going to landfills, acid gas emissions, and perhaps greenhouse gas emissions.) Ideally, we would lower income tax by however much we raise taxes on pollution, but we are so far in debt that we need to get back into fiscal sanity before we seriously discuss lowering income tax levels. I hate the idea of income taxes, but I hate the idea of borrowing money from China even more.
4) At the state level, increase luxury/sin taxes...but probably not at the federal level, or else we might cut into the tax that could be raised at the state level.
But I recognize that the things listed above are unlikely to get the size of the deficit, let alone the debt, to a manageable level because the problem we face is just that big.
But every little bit counts, so the rest of this post is devoted to putting a price tag on some of the big ticket items that the government could sell. (A longer list can be found here, of which I discuss a few of the items on their list that seem more realistic. See full article at DailyFinance: http://srph.it/g9nzev)
1. New York Federal Reserve Building
Guesstimated price tag: $750 million
Location: Manhattan, New York
U.S. ownership: 87 years
Who should buy it: Donald Trump, SL Green, Tishman Speyer
Why it's valuable: Location, Location, Location
2. Hoover Dam
Guesstimated price tag: $415 million
U.S. ownership: 75 years
Who should buy it: Duke Power, Con Edison, Southern Company
Why it's valuable: Hydroelectric power