>> But a lot of it was simply due to the fact that interest rates were really low, so it was a lot easier for the government to carry a larger amount of debt.

>> But a lot of it was simply due to the fact that interest rates were really low, so it was a lot easier for the government to carry a larger amount of debt. This is a simplistic explanation. IMHO deficit spending allows the party in power to achieve current wins and stick the bill to someone else in the future. Even politicians ardently opposed to deficit spending, magically forget about it all when they get into power and run up the debt (this has happened thru every US administration I remember) -- so why would anyone work hard for austerity? It becomes especially hard to balance budgets when common citizens see wealthy individuals seemingly get away w/o paying much in taxes. It becomes yet harder to not go into deficits for seemingly important things like infrastructure when we see so much money spent overseas. Think about it at the micro level -- imagine my wife and I have a credit card. We agree we spend no more than $1000/mo. Then, I just go wild and overspend. What incentive does she have, in such a case, to be careful with money, pack lunch, fill up water bottles. Just spend! Buy lunch, buy coffee, buy disposable water bottles, etc.