This is a plan I could sign on to (for the most part), but as Winestock said, such a plan would never get support.
It is not a coincidence that Presidential elections are as close as they are. Politicians essentially buy votes to get elected, in the form of government programs.
The problem in this country is medical entitlements - not so much Social Security. Social Security in theory funds itself, although Social Security's funds have been raided to fund other programs which now jeopardize its future.
Politicians will not address medical entitlements, because they will lose too many votes in doing so. Ultimately it's these medical entitlements that will bankrupt our country, and in the process, cause the greatest transfer of wealth in the history of the U.S. - not from the rich to the poor, but from the young, to the old.
Most people who support medical entitlements do so for "selfish" reasons, in that they want those entitlements to be available for themselves, their family, and/or their friends. They say things like "health care is a right," although it obviously is not a right. Health care is essentially the result of man's labor, and to say you have a right to health care, is to say you have a right to impose your needs on another man. Which of course is silly and inconsistent with the American constitution.
Still - people will assert their right to medical entitlements, and politicians will oblige, which in the long-run will pull money away from business investment (not all businesses are rich with billions in cash). The added financial burden will either stifle entrepreneurship and innovation, or it will send it oversees.
Of course, anyone who stands up against medical entitlements, like Paul Ryan, will be referred to as a villain who wants to murder old people. To quote the President: "throw grandma off the cliff."
That's my long-term prediction, anyway.
In the short-term we will continue to go through up and down cycles. Each down cycle will bring fear. Each up cycle will bring relief. There will be booms and busts in America's near-future, although the booms will be short-lived, and the busts (like our current bust) will be longer-lived.
To the extent innovators, like many of the people on HackerNews, are able to create great innovations, we can postpone the day of reckoning for our country.