Public debt: The biggest bill in history | The Economist
Careful on fiscal tightening to avoid inflation or hyper-inflation, but make long term, serious changes.
Changes to reflect the reality of an aging population.
Simple : raise retirement ages, workers work longer, pay more taxes (over time), and draw less in pensions.
Retirement/Pensions have not kept up with increased life expectancy.
Also : in the US... healthcare reform.
Focus on health and healthy lifestyles, not cures after the fact.