This is why we are unlikely to see meaningful cuts to similar programs here... Riots in the streets would be just the start.
Despite the fact that social spending takes nearly every penny of Federal revenue... leaving National Defense and other Constitutional responsibilities relegated to begging for appropriations...
I have yet to see entitlements have to beg for funds. They never get cut. Yet.
I hate to interrupt a good antisocialism rant, but defense takes up 20% of federal spending, tied with Social Security as the costliest single program.
I've a friend who is a financial counselor. He works with businesses who are deep in debt.
He advocates budgeting and cutting out unneeded expenses to get control of your spending. When people balk he says you can do it now which is a bit harder but allows you to get control of your financials and right your ship OR the unneeded spending will be cut when your business goes bankrupt. But of course ALL your spending ceases then except for those things the judge allows.
Bottom Line: There will be cuts and they will be meaningful, one way or another.
The Fed is monetizing the debt. This means they print more money and then use it to buy Government bonds. We are issuing bonds to pay for interest on the all the bonds we issued prior. Next cycle we will issue even more bonds to pay for the latest total of interest.
This is known as the death spiral in financial circles. The ONLY way to get out is to increase Income drastically and/or Cut spending drastically.
Where are we going to get the increased income to keep up with the Government issuing bonds? GDP would have to be unnaturally high. Some estimates say plus 6% for 10 years running to pay for all the unfunded mandates of Social Security, Obamacare, and Medicare/Medicaid. (Right now that cost is estimated at over 150 Trillion bucks)
Anyone who knows the history of GDP in the USA knows that 10 years straight of plus 6% is like drawing to an inside straight and succeeding 100 times in a row. Its possible, but it ain't the way to bet.
Further to get that kind of expansion you need to get rid of all the impediments on business and everyone of those are a result of the FEDgov meddling in the market.
Any of you remember that last time the Fedgov cut Fed Regs to the bone? Not gonna happen.
The federal budget is given over mostly to checks directly to people for entitlements. (Either checks to the recipients or checks to the people that work in the program that issues the checks to the recipients.) The cuts to the those checks are coming, one way or another and when they do the Obamaphoners are gonna hit the streets and get unruly. You can take that to the bank!