What do you do when you’re so far in debt that your annual interest payment amount is so high that it’s getting close to your annual income?
Why, all you need to do (according to the U.S. government) is borrow (and spend) more and go deeper into debt.
We all know what happens in the end:
After decades of irresponsible, profligate federal spending by Congress and presidents, and the Federal Reserve printing money like we may run out of ink any day, our economy now has an entrenched addiction to easy money and Congress has the same addiction to spending whatever it wants, regardless of revenues. There is never even a serious discussion about living within its means.
Read the whole thing, although you probably don’t need to.