The real issue with deficit spending: Short-term and long-term incentives in the US political and fiscal system are misaligned. Over the near-term, Congress is incentivized to spend MORE and CUT taxes to appeal to constituents for re-election. However, over the long-term, this creates a financial conflict of interest, which we are now dealing with as US debt is up +13 TRILLION in 5 years. In other words, to reduce deficit spending you must either raise taxes or cut spending, both of which are wildly unpopular for re-election. Over a long enough timeframe, this situation results in bankruptcy 100% of the time, which explains @ElonMusk's outrage yesterday. The future of America will be determined by this sole issue.