That speech was too boring, couldn't watch a black screen for 15 minutes with some guy talking.
As for the topic at hand though I think we need to get rid of social programs and finally have balanced budgets.
If I ran a government I would look after national defense, police and firefighters. Health care and education would be privatized but partially subsidized, i.e. education/health care vouchers. Instead of welfare/unemployment insurance I would go with Milton Friedman's idea of a negative income tax.