Debt is a liability to some, but it is an asset to the purchaser of the debt. So, that asset can be traded for another income-producing asset. While that happens all the time, it has inflationary consequences and financial predators are gaining title to property and businesses, without concern of a currency collapse.
A new monetary instrument called a "Federal Credit Receipt" (FCR) can create the structure to retire the debt. The pilot program covers most of the jurisdictional and legal paths:
Social Security Administration (SSA) turns in some of their bonds to the Treasury, the Treasury issues them a Federal Credit Receipt. The FCR can then be redeemed through a committee with oversight and cross-jurisdictional decision-making. For example, a Texas Stock Market could be created and shares passed back to the SSA, redeeming the FCR, and retiring the debt.
It gives the central banks more control over inflation, while directing resources to the generalized benefit of the economy.
I could use some help. The US has $19 trillion in spendable assets.