It is seriously doubtful that the American public is prepared for the austerity measures that will be required for this county to restore its fiscal order. This country has been living beyond its means for more than 60 years. Its daily activity is based on expending 1/3 more than it is producing. The problem with that number is that is the average. Which means that more than half are spending more than that and they will be the loudest complainers and most vigorous protestors.
To drop our standard of living by 33% will result in a tantrum fit by the press and welfare recipients. It will result in protests by the entitled generation of little piggies, vociferous complaints by the average American, and unrest and discomfort for the political class. Given the irresponsible media and the entitlement mentality there will be nothing but screaming and hollering. There will be little if any discourse about the reason and purpose for the suffering and no suggestions or actions to mitigate the impacts.
If the next president, assuming that it isn't B.O., doesn't prepare the public, for what is coming, their term of election will be one with the voter's displeasure being registered at mid term. I honestly believe that the vast majority of American people have what it takes to get the job done. I just don't think the welfare recipients, union leadership, public sector employees, and political class do. Quite unfortunately they are the groups that seem to control America's political destiny.