Christina Romer lays the quandary out nicely:

DEALING with our nation’s gaping budget deficit is going to hurt. So here is a question for policy makers: What would hurt more, raising taxes or reducing spending?

It's immoral to raise taxes, especially for the purpose of continuing to transfer money from the working class to the non-working classes.

Social Security and Medicare have the added evil that they were sold as a form of savings or insurance when they were never anything of the kind. They've been taxes for welfare from the beginning. They're the Soylent Green of our time.