Tyler Cowen at the Volokh conspiracy posts the following quote:

I don't want to hear anyone complaining about the deficit unless they immediately begin to list ways of taking things away from old people and making them work harder and longer. Otherwise you aren't really bothered by the deficit at all.

I'm ready to do this! My guide to balancing the budget in the 21st century:

1. Big raise in taxes
2. Big cut in spending
3. Screw old people. Raise the retirement age for Social Security and cut benefits.

Yes, I know its harsh. But it's the only way to avoid bankrupcy while facing a demographic time bomb.