If you want to understand the financial crisis that we are in as a nation, we spend $2.2 Trillion on Social Security, Medicare, Medicaid, other safety net programs, and debt service. We take in $2.2 Trillion in taxes. That means that we borrow $1.6 Trillion for Defense and every other penny the Federal Government spends out of a $3.6 Trillion budget.
Looking at this, we can see that we are spending way more than we can possibly take in and there is just not that much that we can cut - unless we engage in entitlement reform, which no one wants to do because the people receiving entitlements are also those who vote. But, the debt that we are incurring in this situation is horrible and getting worse every day.
This is the situation that we are really in. What will we do about it?