Agreed that entitlement reform and the closing of loopholes is necessary, but it's going to be a fight to remove the entitlements that so many have come to expect as a "human right." The lefties have given us millions of people who truly believe that they have an inalienable right to a free college education, free health care, unlimited unemloyment insurance payments, etc. And like the man says, "If you think it's expensive now, just wait until it's free."
The government, especially the federal government, is woefully incapable of delivering retail goods and services. If you really want to see where ObamaCare will take us, visit an Indian reservation. We need to get rid of Fannie and Freddie, the Departments of Energy and Education, and hundreds of federal "assistance" programs that do nothing for the nominal recipients and serve only to provide an income stream for the federal employees (and send them on expensive vacations, like GSA and the 8th Circus Court in San Francisco).
The answer on the revenue side is not to tax "the rich" (meaning anyone who makes $1 more than you do), but rather to make everyone pay their fair share. That's going to be very unpleasant news for the 47% of the population which now pays no income tax at all. Personally, my first choice would be to go back to the tax structure of the Reagan era: federal revenue doubled over his 8 years, and it was wasted by Congress increasing spending by $1.65 for every new dollar that came in. Second choice would be to let ALL of the Bush tax cuts expire; those cuts made the tax code much too progressive because the most productive segment of society did not get their fair share of the cuts.
Here endeth the epistle for the day.