Over the past 30 years or so, and at an ever-doubling pace, Americans have run up credit cards, high LTV mortgages, new car loans, and personal loans (for big-screen TVs and a zillion other toys) all for the purpose of living high on the hog today with the idea that it will be paid for in the distant future.
Government has operated in the same way.
How could anybody have thought that this scheme could possibly be sustainable forever?
It is my opinion that the time to pay the piper is closer than most people are willing to believe.