https://amgreatness.com/2022/09/21/the-coming-austerity-crisis/
The U.S. government’s debt is 150 percent of the gross domestic product. The current inflation is just the first problem caused by the debt. If deficit spending continues, soon high interest rates and the decline of U.S. debt credit will follow. Instead of incrementally fixing the problem, austerity economics will be the outcome. The Greeks went through it in 2007 and 2008, and they will be the first to tell you it was no fun. Congress, and especially during sessions with Democratic majorities, bears much of the blame for this.
Every time Democrats controlled the Congress during a Republican administration over the past two decades, they appropriated more money than the president requested. These additional expenditures, including the interest paid on them, well exceed $1 trillion in isolation.
But each budget builds on the previous budgets enacted. For instance, the Trump Administration’s proposed budget for 2021 would have cut the deficit by $850 billion in 10 years. Adding up the money saved annually over those 10 years, it would have been trillions of dollars. If Congress had committed to the budgets submitted by Presidents George W. Bush and Donald Trump, the money saved would have totalled trillions more.
On top of this, recall how Congress in 2007 rejected President Bush’s Social Security reforms, a program which remains the largest item on the federal budget by far. There is no study to show how much U.S. taxpayers would have saved if Democrats in Congress had not added money to the budget or reformed Social Security, but one can easily estimate that it would have been trillions of dollars.
Why Democrats didn’t do it is twofold. Spending is always popular if nobody has to pay for it, and they thought that the debt would never become a problem, or that, if it did become a problem, they would no longer be around to fix it or suffer the consequences.
But others had a more ideological reason.