Pretty much. The big four items are Medicare, Medicaid, Social Security and Defense. If you’re not talking about cutting any of those you’re not serious about balancing the budget. The solution is probably going to end up being younger workers paying into a system they will never collect from, in order to cover their parents checks and old age medical care.
The problem with that equation is that there are not enough jobs for young people, because the economy is hobbled by a massive government that is doing too much and has become unpredictable. I believe the current debts we’ve already run, including the debts not generally counted (in promises the government has made), will result in a reduced standard of living for the next several generations, as the rest of us pay off previous generations who did not save enough to enjoy the type of retirements they demand, nor have enough kids to make up for not saving.
My real fear is the burden will become substantial enough it will be impossible for younger people to save, and when they hit the point where they can no longer work, the government will be too broke to do anything about it. That will be called Generation-Screwed, and I’m not convinced it won’t be my generation. Hopefully when I get old and grumpy I can vote to kick that can down the road to the Millennials, who had a chance to put a stop to this shit, but decided they wanted eight years of hope and change.