The problem is a culture of spending more than you have/make, which is pervading deeper into individual American lifestyles and their collective social fabric.

The problem is a culture of spending more than you have/make, which is pervading deeper into individual American lifestyles and their collective social fabric. As that trend persists, efforts to bring expenditures in line with revenues become increasingly politically unviable. I use the analogy that the US drives its economy at the redline, leveraging a lot of debt to produce growth. It works great when times are good, as you reap a multiplication factor on return. But hurts when the car hits a speed bump (economic shock) or burns out. Either the country will have a "come-to-senses" moment and correct course, or will slowly degrade to reduced global relevance/influence as servicing that debt eats an ever larger portion of the budget (putting a handicap on what else it can get done), dollars become less valuable, and other economies (like China) with more disciplined long-term planning overtake. The speed it happens will be affected by how much of that annual deficit goes back into productive activity vs. lining pockets / luxuries for those holding it. There's a ton of momentum so it's not surprising to see a lot of lag (decades) before the effects become obvious. Keep in mind not long ago the US was a country of pioneers and entrepreneurs. It still is, but over time the mix naturally changes (some older people argue second or third generation citizens don't have the same work ethic, but that's a broader stroke than I feel fair to paint). As the demographics mature and change, you get more social programs, more entitlements, etc. From another perspective that can be viewed as societal progress. As long as it's sustainable (which I don't think it presently is). Britain is a great example to look at for lessons from the past (before the pound Stirling lost its status as global reserve currency). Here in Canada I keep saying it would be nice to see some politicians with conservative ideas on spending, but liberal policies on other fronts. All of this is just my own uninformed opinion, take it with a big grain of salt and feel free to disagree!