Death by debt

Eric Margolis considers: "One of history’s most important lessons is that politicians should never be given a free hand to borrow money to cover the costs of wars, overseas adventures, or military spending.
More empires have been brought down by reckless spending than by invaders. The late Soviet Union, which wrecked its economy by buying too many tanks, is the most recent example. Now, the United States appears headed in the same direction..."
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Comment: Once the path of spending funded by borrowing is taken, there is hardly a way back after only a short phase of an unhampered spending spree. This is the trap put in place when temporary good times appear to last forever. First you borrow because you can, then you borrow because you must. At fist you can spend what you borrow to the full, but the longer the debt accumulation goes on, the more of the new debt goes into debt service. Then you are right on the way to the poor house. When governments do it, the whole country is put on the way towards nation-wide poverty.