Like you, I am extremely concerned about our debt in comparison to our GDP and savings. Entitlements are the main problem compounded by future unfunded pension/healthcare costs both public and private. You can only live on a credit card for so long!
The only solution that I can see would be to disband entitlements and slash the size of government at all levels. I don’t see any indication from our current leaders that they would do this, therefore, logic says we are headed for very hard times.
Agreed. Paul Ryan is floating a plan that addresses our debt, including future entitlement spending. His plan includes what are essentially social security opt outs for younger workers (private savings accounts). It’s a fairly bold and aggressive plan, and that’s what’s needed, so that’s a positive thing. Unfortunately it’s painful, and we all know there’s no political will for anything that’s painful...so off the cliff we go.