IMO the crux of the problem is that we've never seen a politician that cares about being fiscally responsible. Well, maybe a few over the last 50-60 years, but the majority see that everything they vote on as a blank check approval. If it will appease their constituents then it doesn't matter what it costs, just spend the money, even if it's not affordable.
Nobody cares about what it costs until the money's no good and by that time the politicians that voted in all the spending are either dead and gone or living it up on somebody else's dime. The repercussions fall back on the little people.
Who suffered over the 2008 banking crisis? It wasn't the bankers, it was all the people that lost their jobs because of it. The economy continues to suffer for it.
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