William Galston, writing for the Brookings Institution, thinks so and outlines some proposals.
He begins by pointing out previous periods in American history where institutional change was needed to solve crises.
1 - The replacement of the Articles of Confederation with the Constitution helped solidify the newly formed nation.
2 - The passage of the Civil War Amendments (the 13th, 14th and 15th) resolved the ambivalent relationship between the national and state governments in favor of the former.
3 - The creation of the Federal Reserve, the Department of Defense and other large agencies allowed the nation to position itself effectively internationally.
He details a variety of institutional changes he considers necessary to handle our current fiscal mess.
