The Republican house has made a start. They whittled $100 billion (or $61 billion prorated) off "non defense discretionary spending". Which ain't much compared to $1.4 trillion of new red ink this year. But it's a start. If the Feds don't have the gumption to pass these token cuts, we are doomed. They will never have the stones to attack the big entitlement programs.
Medicaid, Medicare, and Social Security eat up the bulk of the federal budget. Cutting those is going to hurt, 'cause a lotta people take advantage of them, and they will all complain mightily when their benefits are reduced. Some the the sting could be eased by measures that reduce the overall cost of health care. Allowing interstate sale of health insurance, allowing import of drugs from abroad, banning consumer advertisements of prescription drugs, and clamping down on medical malpractice suits would help a great deal.
Then we could eliminate the federal farm subsidies, the federal ethanol subsidy, federal education spending, and federal highway spending.
It's gonna hurt, but there is no alternative. We won't be able to sell US bonds at any price if the federal debt goes much higher.
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