Let's try the Fermi estimate.
In a two-period set up (each lasting something like 25 years in calendar time), let the intertemporal budget constraints be
$$a_2 =(1+r)a_1 + w_1 - c_1$$
$$c_2 = (1-b)a_2 +p_2, \;\;\; 0<b<1$$
where $a$ is assets, $w$ is wage income $c$ is consumption, $p$ is pension, and $b$ is bequest as a percentage of assets.
Assume that $a$ is i government bonds. Note that old people eat up their wealth : i.e. they collect back also the principal from the government (fully if $b=0$). This does not mean that government debt is extinguished, it just means that it changes hands.
Assume that the young person does not plan on making any more savings or dissavings, so $w_1 = c_1$, and it lets his current assets accumulate. Also assume that $b=0$: if we are talking about low and middle-income persons, this is not very unrealistic reality since we are talking strictly about assets in the form of government bonds.
Consider now wiping out the debt: it means that consumption when old will tend to go down by $a_2$. In order for the envisioned increased economic growth to "take care of pensions" we must have at least that the initial $p_2$ will increase by $a_2$.
As calculated here, "nearly half of the debt is held in trust for retirement". Say $9$ trillion USD. Assume that the current real-interest rate on US bonds is $0.5$%. Compounded over $25$ years we get $1+r = 1.13$.
So if we wipe out the debt related to pensions, we must guarantee to the future old generation an additional $~10$ trillion USD in pensions (in real terms).
Current US GDP is $18$ trillion USD and it increases by $2.2$%. This will lead to $31$ trillion in $25$ years time. But we want that to increase by another $~10$ trillion at least, and assuming that all will be given for pensions. So we need GDP to reach in $25$ years $41$ trillion USD. For this to happen we need an average growth rate over the period not of $2.2$% but of $3.35$%. That's $1.15$ percentage points higher growth or more than $50$% higher average growth than today.
So our Fermi estimate led us to ask:
Can eliminating 9 trillion in Federal debt held for retirement purposes lead to an increase of the average growth for the next 25 years by $1.15$ percentage points?
Then in order to answer this question we must ask "how eliminating government debt will lead to increased growth" irrespective of how much.
I obviously ignore issues of uncertainty, property rights, and the like.