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"the promises that are being made to those now working cannot be honored."
A good start would be to cut military spending by 50%.

That would be a start, but leaves a lot more to do.
Here's the present Federal spending pattern as a percent of GDP:

Defense 4%
Debt interest 1
Social Security 4
Other safety net 3
Medical 4
Everything else 4
Total 20%

Here's where we are headed, even if we cut Defense spending in half:

Defense 2% cut the defense budget in half
Debt interest 2 both debt and interest rates will increase
Social Security 6 the SSA estimates 6%
Other safety net 3
Medical 10 10% estimate is for 2035, higher later
Everything else 4
Total 27%

In the history of our country Federal tax receipts have not been above 20% of GDP, no matter what the tax structure.

You still have a lot more to reduce. That is the source of the 'Blue Model collapse' meme (whatever you think of David Brooks).

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