What would you do when your country attempted this? Would you work more days for the same money? Do you believe it does any good?
Or is it just another method of old systems to transfer the pain to ordinary people, and to pretend that things will be better soon?
I don't think it would work in my country. The government isn't even crazy to do this, because they know people would revolt on the streets and cause urban chaos. However, it doesn't mean the government here doesn't try to raise recipe over ordinary citizens. It just mean they do this through more sutile means, such as creating new taxes or raising the existing ones. Then people pay without questioning, because they don't understand it very well, besides the taxes being hidden behind products and services' costs.
The system will always act like this, instead of cutting their own benefits and wages in order to save money to pay the national debt.