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To paraphrase Mish Shedlock, "What cannot be paid out WILL not be paid out."

At this point, no politician can suggest the bitter medicine required to stop the train wreck. Even Paul Ryan and other fiscal conservatives indicate that benefits will not be reduced (or reduced much) for the retired and near retired. Fiscal conservatives including most Republicans are aware that strong medicine is required. I do not see how fiscal conservatives can gain control of the government to enact the necessary reforms.

Democrats are still under the illusion of free government spending. The strength of the US economy and the dollar's role as the reserve currency has created this fiction. The era of free government spending is over although most do not realize it yet. The surge in commodity prices and recent extreme volatility in the stock market are clear signals that the era of free government spending are over. However, the political process may never recognize the end of this era because free money buys votes. More than half the country is heavily dependent on government. This group will never vote to reduce their benefits. Moreover, the baby boom generation has paid large levels of payroll taxes (unlike the greatest generation) providing justification for their entitlement benefits.

Economic gravity exists so the benefits will not be paid in a currency that will provide the expected purchasing power. A Greek type failure is coming with the fall of the dollar. No one wants to start the terrible adjustment required for a highly devalued dollar but the dollar's decline is inevitable, probably starting from panick over some event.