https://victorhanson.com/when-and-how-did-we-get-here-gradually-then-suddenly-part-one/
Presidents—Bush, Obama, Trump, Biden—have either been doubling the national debt in their four- or eight-year tenures or added several trillion to it. We all know that adding a trillion dollars in debt to what we collectively owe every 100 days is unsustainable. But then again, we all know that to stop the borrowing, much less to concede the need to run surpluses, would earn a president the smears of “racist,” “uncaring,” and “cruel,” if not run the risk of a recession or worse.
So our presidents, in the manner individual Americans handle credit card debt, embrace Louis XV’s much-quoted observation “Après moi, le déluge”—“after me, the flood.” Put in modern Americanese, it means enjoying the unsustainable while you can because the next generations will pay heavily for what we incurred. Presidents prime the economy by printing trillions of dollars in funny money, hoping, as in the game of musical chairs, that the money music won’t abruptly stop on their watch, leaving them without a seat.
It is astonishing how our major downtowns so quickly, so easily transmogrified into near wastelands. Drive into downtown Los Angeles in 2019 and it was a crowded bustling city, with a rebooted downtown. Ditto San Francisco, Seattle, and Portland. Drive into them just five years later and they are dangerous and toxic moonscapes. Had we shown a photo of a 2024 San Francisco Walgreens to someone in 2019, he would have thought it a caged prison infirmary.
So what or who tore off the thin Thucydidean veneer of civilization so quickly?