The entitlement programs and interest on the national debt make up more than half of federal spending. And that will increase as 10,000 people a day retire over the next 20 years. We can not aggressively cut spending without reforming and reducing the entitlement programs.
I do remember a debate on the real estate bubble and loan issues, on this forum, long before 2007. We sold off our investment real estate at the end of 2005 and the market had already softened. A lot of people knew it was a house of cards, but just hoped that they would have a chair when the music stopped.
Is Social Security considered an entitlement program ? After all, WE WHO WORK PAID INTO IT WHETHER WE WANT TO OR NOT.