The only saving grace we have is to cut the budget and cut it radically and get rid of deficits, and preferably start running surpluses. We then need to revise the tax code as well as get rid of ridiculous regulations so we can muster a tax base again to facilitate surpluses.
I wholeheartedly agree, but I fear neither the majority of our entitlement minded citizenry nor any career minded politician will have the stomach to take and accept such action until absolutely all other options (that appear less harmful) have been tried and have failed. I hope that I am proven wrong.