This is the macro equivalent of somebody who constantly lives beyond their means eventually getting to the point that they have to start liquidating assets to continue their level of consumption.Oh my expectations are in line with yours, I have no illusions on how things are likely to go either way. Next to no one has the political willpower to get spending under control, even those who would actually like to see progress there.
When people who defend our high spending say “You can’t compare government finance to personal finance” this is what they’re talking about. Governments have the ability to create new money.
Which is true. However, any suggestion that this does not come at a very real cost is utterly untrue.