A complete economic meltdown wouldn't have done anything for the debt.
That would've been an interesting cycle -- economic downturn --> massively reduce government spending --> massive government contractor layoffs --> consumer confidence plummets --> wallets tightened --> private sector lays off more --> consumer confidence drops more --> government suspends social security payments to make up for new shortfall --> seniors default on mortgages/stop spending --> credit completely dries up --> businesses shut down completely "until the economy improves" --> consumer confidence zeros, spending drops to only subsistence level...
Or, "How to become a third-world nation in three and a half years."