Also, here's Pres. Obama's advisor, Gene Sperling, on entitlement spending:

"Why do we care about the long-term debt? For many, it's solely a moral question -- the idea that we shouldn't overburden our children and grandchildren with our bills. But it's a different question economically-speaking. It's not that too much borrowing will turn us into Greece (it won't) or set off an inflationary wave (it won't as long as the Fed does its job). No, it's a question of whether too much of one kind of spending will prevent us from spending on things we need.

That's how Gene Sperling, the National Economic Adviser to President Obama, characterized the administration's approach to entitlement reform today...Medicare will put a crunch on the budget in a decade's time or so. As Sperling explained, that could crowd out both private and public sector investment. The latter includes things like education, research, and infrastructure -- in other words, the stuff that helps us grow. "