I would argue burning it (and maybe capture the generated CO2) is the only recycling making any sense with the plastic garbage we have. And then stop using it for everything and start classifying/labeling the plastics where we neee them, so they can be sorted automatically later so then you can recycle them.

Here in germany some sort of plastic recycling actually works, because there is a deposit fee on all plastic bottles - you bring them back to the supermarket to get it back - and then there is one source of the same plastic, that does get used for new products.