In some respects, it's overdue. The US is has the most debt in the world. The debt-to-GDP ratio is 100%. Spending exceeds income. Would you loan the US money?

Until the Dems and Reps stop trying to win elections and start governing, things will not improve.

We need to spend less and collect more taxes.

We also need to stop imagining that there's a 2-4 year fix. This is not an economic crisis. Several decades of poor leadership producing fiscally irresponsible legislation put us here. It's going to take 5-10 years to correct. Lots of Americans will have to learn to live with less.