here is a list of things i would do to get spending under control. i would completely cut: NSF, medical research, subsidies to get agencies on the internet, assitance for the poor to buy a home and student loans to the needy. these are things that the private sector can do much more effectively.
i would cut by at least 50%, but not necessarily eliminate the following: money for farmers, grants/loans to other countries, retirement plans for federal workers, bridges/subway subsidies (these MUST pay for themselves with fares) and healthcare. furthermore, social security needs to be revamped so that it is not formulated as a welfare system, but rather is situated as a private investment tool/account.
some will question why more welfare and assistance to the poor is not cut. lets do these first, balance and in fact run a surplus. a tax cut can be made. more jobs will be created and then we can revamp welfare knowing that many will be able to find a job in the workplace.
other thoughts?
Hmmmm ... Start now putting SS into an interest bearing account of some kind .. there will be a waiting period of a couple of months, I'd guess ... let the gummint use the interest for it's socialist programs (They're doin' it anyway with ALL the money!)
When I retire, he interest will have grown so large, my monthly won't be a burden on the younger workers.
I'm no financial wizard, and I haven't thought this through, but off the top of my head (Oh you clever FreepeRs will have fun with that line) ... I suspect it's do-able.