Deficits and spending all work in cycles. There was something of a blow-off top in spending during the pandemic and now the cycle is slowly turning.
I wouldn't count on politicians rushing towards austerity but it will come slowly, then quickly as the bills mount. The US has a major entitlement problem that should be fixed in the next Presidential cycle. If not, the next four years after that are going to be a bloodbath.
The thing is, most major countries appear to be on the same path. The question is whether it will be fixed with spending restraint or higher taxes.
