Can't see the wood for the trees

No shit Sherlock!
The answer is often the simplest one, staring you right in the face, so obvious yet the least expected.
How do Western nations, especially the UK and the US rid themselves of their crippling debt?
Austerity is right, but for who?
Herein lies the answer, why take the money from those that have the least, which by definition is doomed to failure?
Take from those with the most, with a broad synchronized swoop. At times of war, this was done, why not today? The world's richest companies and the vast majority of the earth's wealth is still in these countries. A concerted skimming off the top to repay the debt is actually the only feasible and logical answer. Shareholders would suffer, but that's life, better that than the malnutrition that stalks the low earners in our society.
Nationalisation of all utilities,communication, transportation, and other corporations deemed big and rich enough.
All those above multi-millionaire status would see taxes on their savings and assets go through the roof...how much does one person, their family and their children need in reality to ensure a 'comfortable'  future?
Restrictions would immediately kick in on immigration and residency; those that move their wealth out would no longer be able to either live or do business in that country, and punitive taxes would be made to those transferring liquid assets out of the country. 
If all the G7/20 nations agreed to these measures in tandem, then there would be nowhere for the rich to go, and nowhere for them to trade. Anywhere outside of this area would also introduce 'guest' taxes and the like.
These measures would not affect the aspiring entrepreneur,  nor affect the vast majority of the working and middle classes.
This is true austerity.
The money would then be used first to provide healthcare and housing for all, with heating costs controlled, transport run for the people, and communication seen as a human right. The national debts would dissappear, which although appearing insurmountable right now are not, look at Germany and Japan post-war.