Morgan Kelly's policy is the best option in a bad situation. In economics, short acute severe pain is better than long-term chronic pain. The longer we take in balancing our fiscal budget the more difficult it gets as the cost of serving the debt rises and we get poorer.
If we balance our fiscal budget immediately we do not need to borrow in the markets. The ECB is funding our banks with billions and we should transfer that problem back to the banks and the ECB.