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I think there's a lot of truth in there, but he also misses a few things.
The US isn't Greece. While our total debt may be 32 times larger our GDP is still freaking gigantic. Greece's problem was spending combined with a loss of cash flow...
Entitlements can be contained although it will take some sacrifice. A big part of the problem when they project out 10-20 years is the demographic issue.
The bottom line is the problems are solvable because we have an innovative economy, but some of these challenges will take really big solutions that are impossible in the current political climate.
-spence
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