Don't think for a moment that such profligacy in the United States is limited to finance, real estate, and energy. The last American president to even pretend to care about fiscal prudence was Bill Clinton, a dude not known for . . . prudence. On his watch, the U. S. government did indeed balance the federal budget. Then along came George W, Bush, who ran some the largest deficits since World War II. His successor, Barack Obama, doubled those deficits. The next guy, Donald Trump, doubled them again. At the time of this writing, in early 2022, the next dude in line, Joe Biden, bet his political life on multiple spending plans that if enacted would double those deficits again.
-Peter Zeihan, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization
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