It is too late to fix this mess by simply living within ones means.
The total debt including off-balance-sheet debt is now approximately $90Trillion, while total revenue forcefully taken by the IRS is only some $2.5Trillion.
Total IRS Revenues are now ENTIRELY eaten up by entitlements with nary a cent left for debt reduction nor even military expenses.
Where are we headed?
A good roadmap for where we are headed is something like what happened to Weimar Germany. The background was a bit different - Germany's debt was war reparations imposed by the victors of WWI, but the path ahead is the same, albeit on a global scale this time.
Anyone who doubts it needs to read the brilliant book, "When Money Dies" by Adam Fergusson.
You can click on the book below to get it from Amazon:
Download it for free here!
When Money Dies: The Nightmare of the Weimar Collapse
This book was out of print for a while, but now is being reissued. If you are interested, I suggest you grab the free e-book above while it lasts, as it will likely soon disappear since the book has gone back into print.
:)
Of course you can always buy a bookshelf copy from Amazon as it's cheap enough.