The massive debt of the federal government is the costly result of special-interest politics, enabled by the evolution of our political system from a constitutional republic, strictly limited in its powers, to a nanny-state democracy that redistributes wealth and tries to be all things to all people. Voters like politicians who spend money to their benefit, but detest politicians who tax them, and so all the political incentives lead toward deficit spending and ever-increasing debt.
The US economy, burdened with debt and stoked by inflation, is headed towards an inevitable confrontation with reality. It cannot possible repay the debt. It can only continue to print more and more worthless dollars to keep the illusion going until the creditors demand payment.
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