I wonder if we are all trapped in the same game. We want more help from our governments, but we do not want to pay higher taxes. We want good schools, healthcare, safe streets, but also lower bills. I am just as guilty. I like cheap services and extra support too. Who doesn't?
But after reading more about the global economy as a new hobby of mine, I see a problem. The richest countries are spending and borrowing like never before, even when things are calm. For example, countries like the US, UK, Japan, they all owe more than their entire yearly income (Japan owes double!). But nobody seems to care much. We keep getting tax breaks, handouts, help from the government. Governments keep borrowing money to make us happy. It feels good, but deep down, I know it is not free. And interest payments alone are as big as military budgets
Half of all this debt comes due soon, in just a few years. If interest rates go up more, there is no easy way out. The system works only if people trust it. If that trust breaks (through a political fight or money crisis, ANYTHING) everything can change overnight
People just want more services, but not higher taxes or less help. Politicians promise both, and then just borrow more. In my own life, I benefit from this too: cheaper healthcare, more support, but I know someone will pay for this later. Maybe our children
Is it fair to leave this bill to our kids, just so we can have comfort now? I do not have a perfect answer
If money is spent on useful projects, like building infrastructure that moves people and goods around (highways, railways, bridges, etc.) then it can actually improve the efficiency of the country, so may be worth it in the long run as long as good estimates are made on the return over a long time. When money is spent on bloated public services or an attempt to buy goodwill off the public before an important election, instead of taking hard decisions like raising tax which can be necessary but are hated by the population, then it is wasteful debt. Inflation will gradually inflate away a portion of the debt if done over a long time, so it can actually be a wise investment if structured correctly.