[kabar]

I agree we should seek a balanced budget amendment, but it will have to be phased in. We are so far out of kilter that any kind of huge immediate reductions would hurt the economy and cause civil unrest. When you only take in about $2.5 trillion--just enough to cover the entitlement programs, other mandatories like food stamps and unemployment benefits, and debt servicing costs--there is no way we can live within in our means anytime soon.

We need to address our entitlement programs, the main drivers of our debt. With 10,000 people retiring a day for the next 20 years doubling the population over 65 by 2030. One in 5 will be 65 or older by that time. And there will be only two workers for every retiree. We are an aging society. And to make matters worse, we have added another huge entitlement program--Obamacare.

[chiller]

I’d be interested in your opinions of the Penny Plan. Connie Mack Jr, and Rand Paul gave it some lip service during the last cyce. It ends baseline budgeting, and reduces spending by 1% a year for not too many years. Combined with some sort of entitlement reform, it could work, imho.