My opinion is that entitlements need to be reformed, but cannot be reformed because politicians are afraid to touch such volatile issues. And so entitlements get worse and worse and worse.
If we hold the line on the debt ceiling, and if we ensure that our debt payments will be made -- then we are backed against the wall and all the cowardly politicians will have no choice -- they WILL start reforming entitlements and they WILL start making real cuts.
This is inevitable. We've been putting it off, but we cannot avoid it forever. The sooner we start, the better off we will be.
We were in horrible debt situations after the wars in the 18th century. We regained our credit worthiness by paying our debtors and getting out of debt.
I guess that is too simple of a solution today.