Governments are always spending beyond their means, and this is not just the fault of the Government. The Government is always inefficient, whatever Government service you can imagine, it probably can be done more cost-efficiently in the free market. But since the Government has monopoly over it, they will provide it to you, by force, at much higher cost, at much worse quality.

Monopoly through force (which is what it is) is never efficient, because it's sloppy, due to not having competitors that will force it to improve itself. And the ignorance and stupidity of the public that can't comprehend that a service provided exclusively by the Government is not the best way to organize things.

This is one problem, inefficiency is bad, but not just that, the other problem is the reckless spending on all sorts of unnecessary things: war, welfare, useless public projects, etc...

There would be no poor and sick people in a functioning economy so the entire welfare, pension and healthcare system could be eliminated overnight. But we live in a so inefficient world that, we can't even imagine how a normal world would look like.

Healthcare is not a thing you want to spend on, just like you don't want to spend money for the funerals of your loved ones, it should not happen in the first place. It is a bad thing, and insurance provides you a safety net against bad things, but those bad things should have a so low probability, that the insurance cost would be 0 or close to 0. Who in their right mind would want bad things to happen to them at all?

Since Governments are spending always more than they get from taxes, it's called a deficit spending, and debt accumulates to account for the losses. In a capitalist system, the Government would go bankrupt instantly, since nobody would lend to an irresponsible entity, and then it would fade away into oblivion, to never come back. But in a democratic system, the Government stays alive like a zombie through the accumulation of endless debt, that is now threatening the entire security of the planet.

And since the debt can't be paid off, because there is not enough money that you can squeeze off the hard working people (in fact there is not enough money in the money supply to do it), the debt just grows endlessly, like a Ponzi Scheme.

No country has the courage or will to default on it, because that would bring disaster and chaos, that was caused by this fallacious belief that the Government can just "fix" things, and it's solely the fault of the Government and the people who agreed to it, but nontheless innocent people would suffer too.

Therefore every country starts to join together, in order to join their debts together and minimize the burden/country. This is why we see economic/political blocks like the EU, ASEAN, African Union, and such beginning to form.

A Global Debt will give birth to a Global Government, just to kick the can down the road, and buy them more time. Then we will see austerity measures, like the war on cash, sacking pension funds ,etc... Which is evil, but they really have no other choice, since the entire system to begin with is fallacious and wrong.

The poor people, whom the Government “loves” so much will suffer the most in the end.

You can't taper a Ponzi Scheme, and essentially all Government services are Ponzi Schemes, because they are unsustainable. A collapse is inevitable, the only question is, will it be now, or will it be in decades after even more debt and economic distortion has been accumulated.

The debt is distorting the entire global economy, you also have big zombie corporations on debt life support, because if the Government does it, why cant big corporations too. And then it will probably be extended down to individuals too, because why be responsible with your finances, when you can just take example from your corporations & Government.