Here's an article from Karl Denninger's Market Ticker blog.

Here's an excerpt:

This is what the nation is up against - intentional half-truths that are promoted and spread like wildfire, and which poison the debate over deficit spending:

Friday, the Democratic group Third Way published a memo arguing that Democrats should support "entitlement reform" -- by which they mean cuts in Social Security, Medicare and Medicaid. I don't doubt the sincerity or intentions of their proposal, but I believe that if Democrats took their advice it would result in a moral, economic and political disaster.
You put that in the wrong order. It would result in a political disaster, yes, because The Left would have to admit to what has been going on for the last 30 years. So would The Right, and that could lead to some "problems." Nonetheless, facts are what they are. Now let's look at the lies.

The immorality of "entitlement reform." The very idea that seniors on Social Security -- whose average income is $18,000 a year -- should be asked to tighten their belts while the Federal Government still gives huge tax breaks to millionaires and subsidies to oil companies is just plain wrong.
There's no money. It was taken and spent on those very entitlements. The supposed "huge tax breaks" and "subsidies" you complain about (a) won't balance the budget and (b) in the second case reduce the price of your gasoline. Remove them and the price of gasoline goes up (more.) I happen to support removing both, incidentally, but neither will change the budget trajectory. It's simply a matter of numbers.
More at the link.