Well, first we look at the numbers, the private debt is higher than it's been since the 60s (in teams of percentage of GDP). In addition the public (SS) debt is growing.

Regarding the private debt, we do what we did in the post-WW2 era, reduce spending and raise taxes until it flattens out. There is always plenty of fat in government. Start by ending the current "wars" within a couple of years and get the military under control (pre-reagan levels). Significantly decrease domestic spending across the board, and come up with a realistic tax plan that will pay down the debt within about a decade. In other words, do what you would do with the family budget; figure out how to raise income and stop doing stuff you can't afford.

Regarding SS, cut the expenditure by raising the eligibility age significantly and put some type of means testing in place. The fact that I will probably be able to receive SS benefits tells me the eligibility standards are much too low. Raise the bar so most people will never collect from the fund, make it a safety net only (survivor benefits, people who truly can no longer work and truly need the income).