Errmmm ……. I disagree:
A) Live within your means.
B) Stop borrowing.
How much simpler do you want it?
There are sub-plots:
A) Teach schoolchildren a bit of politics, economics and logic so that there is some chance they may not elect idiots as their political representatives.
B) Make it illegal for a state to borrow more than a small % of GDP.
C) Ditto for the state to spend more than a fixed % of income on its own expenses – civil service, benefits etc. And of course, if GDP goes DOWN then the amount paid on civil service, benefits MUST GO DOWN TOO.
All of the above is very simple.
Finally, I wish I had £1 for every time I listened to Gordon Brown talk about “the borrowing requirement”. WHAT A FATUOUS PILE OF DRIVEL-LADEN BILGIFEROUS TOSH. There is no “requirement” to borrow, just the WILL and OPPORTUNITY.
The “will” will not disappear (we mostly elect cretins who seek to impress idiotic voters and cronies with the vast amounts of money they can borrow) so remove the opportunity.