The main difference between you spending beyond your means and the government is that you only hurt yourself. The government hurts the whole country. I’m sure I’m not telling you something you don’t know.
The other thing that is different is that you care about your family. The government doesn’t care about you.
My point was that economic 101 is not that difficult.
It is as true for a government as it is for an individual. The only difference is the number of people that will be hurt when the house of cards comes down.