The "peel that back" part will never happen in any modern political system, unless at the point of a gun or an external threat to cut off essentials like food (as Greece was told). If you tried to peel back entitlements or benefits in this country it will be the threatened recipients who will have you at the point of a gun.
Well, a system collapse would accomplish that, also. But no system collapse will occur until/unless the big banks fail (and aren’t bailed out, for whatever reason).