Experiment is the only true arbiter of truth.
To address your rebuttal: To get better statistics, more-local democracy, and reduce the likelihood of catastrophic failure, we could partition those 300 million into roughly 50 subunits and let each partition vote on what ought to happen.
That is not a true statement. If a company's revenues are growing, the amount of debt they are holding can increase over time and they can be perfectly capable of servicing that debt in perpetuity as long as the cost of the debt isn't growing faster than the revenues. Revenues can grow both because of real growth (in the company's market or in the economy, depending on whether we are speaking within or without the analogy) and because of inflation (especially if the inflation rate is greater than the interest rate on the loans, which I believe is the case with some government debt).
But that can't hold true forever since the size of their debt is increasing, unless interest rates are 0, eventually the cost of holding onto debt will cross revenues.
and btw, printing money on the current scale will eventualy cause devaluation, and so is in itself a kind of default.