But I have not seen it laid out more logically than in this article on the The Atlantic website. After reading this article one could ask their Congressman some really hard questions. One telling point:
Keep in mind that the United States can only borrow money in a downturn to the extent that the Chinese continue to buy our Treasury bonds. How long will that keep up if the spending for a black hole of an entitlement keeps sucking in more and more of the budget.
Proponents of reform often say it has to be done at a national level because states can't borrow money in downturns, but this doesn't explain why the spending side is headed through the roof.
And why is nobody in Washington D.C. discussing the still unfunded mandate for Medicare, which is still expected to be insolvent sometime around 2017!