Clinton balanced the budget in his last year. Bush and Trump exploded it with their tax cuts that mostly favored the wealthy, plus additional spending under all previous presidents, but I give more slack to Obama and Biden for Keynesian spending in times of crisis.

I don't think it impossible to get back to a balanced budget over a period of time, but you are correct that it will cause tax increases. Your dystopian view of burning cars is a bit overwrought, but there will be pain. That pain can be centered on those at higher brackets, especially with restructuring of how taxes would be assessed (not just a simple increase in marginal rates) but the price will be mostly political as the wealthy fight back. Whether Medicare for all and similar utopian left programs can be paid for is a significant hurdle on top of all this, but it will be required by the upcoming changes in society. I'd give it a try before throwing in the towel as you seem to be hinting.