There is more then an order of magnitude of complexity between designing a vehicle that can travel at Mach 2, and one that can travel at Mach 22. Personally, I'd pass on the risks of hypersonic re-entry for my SEA->NYC flight... And on having to pee into an astronaut diaper.
Space travel (And a ballistic suborbital hop is 90% of the way there) is, as a mode of transportation, incredibly dangerous.
With suborbital flights, neither breathing nor descending more quickly would be an option.
Just take a look at the typical orbit of a SpaceX second stage over the Atlantic: https://youtu.be/zBYC4f79iXc?t=32m13s - A suborbital flight that just barely goes back deep enough into the atmosphere over Africa to slow down would look almost exactly the same and wouldn't even be 100 m/s slower.
Compare that to the tiny ballistic arc of the first stage. That's how your suborbital flight would look like if you want to hit the atmosphere at a speed that doesn't require a heat shield.
A rocket could be fuel-efficient only if it accelerates very quickly, passengers won't survive.
Hopping up into space, and then back down to where you came from is only ~1,600 m/s.
Hopping up into space from New York, and landing in London requires closer to ~6,000 m/s.
Here are some specs for an ICBM. It has a range of 6,000 miles, and has to reach ~7 km/s (Mach 23) to do so. [2]
The mathematical reason for why suborbital flights that take you somewhere require so much velocity is because all ballistic trajectories are actually elliptic orbits. When you throw a baseball into the air, it is in an elliptic orbit - a very small orbit, with most of it passing through the space occupied by the earth. The Earth's center is one of the two centers of the ellipse.
This means that in order to send a ballistic rocket to the other side of the world, you need to 'almost get into orbit'. At this point, it takes very little energy to turn your orbit into a circle... But it also means that you had to expend orbital-levels of energy to get to the point that your suborbital hop takes you somewhere. [3]
Knowing that sub-orbital ballistic trajectories are ellipses, with one of their centers at the center of the Earth, you can calculate the velocity requirements yourself by using Kepler's second law.
[1] http://www.orbspace.com/Background-Information/Suborbital-vs...
[2] https://fas.org/nuke/guide/usa/icbm/lgm-30_3.htm
[3] http://lh3.ggpht.com/_1wtadqGaaPs/TF0zyBaNisI/AAAAAAAANLc/uU...
[1] https://www.amazon.com/Orbital-Mechanics-Applications-Tom-Lo...