How would you go about fixing the federal budget? The New York Times has an exercise that allows you to make the tough choices for reducing the deficit to sustainable levels. I managed to balance the budget by 2015 and I didn’t think it was all that difficult. I didn’t even have to cut Medicare at all to do that, or raise the retirement age for Social Security.
A lot of the policies I chose would be politically difficult, perhaps even impossible. But it’s not difficult to do theoretically. It takes significant cuts to defense, eliminating farm subsidies, means testing Social Security and Medicare and putting tax rates back to where they were in the 90s for income, dividends and capital gains — plus a couple other tax increases on the wealthiest Americans.