You do understand that government budgets don't work like balancing your home expenses, right?
People keep saying this but where is the real evidence for it?
We have been doing this pure fiat experiment for less half a century. It seems to me it works only as long as people are willing buy government bonds and that is only as long as they think the interest paid outweighs the time depreciation + whatever value they place on the 'security in terms of capital preservation'
This is exactly the same as my home budget, I can spend more than I make as long as people will continue to extend me credit ...
Once that stops working the government has to rely on balance sheet expansion to meet its obligations. the 2020s have proven deficits DO matter because if you pump the money supply, when there is any supply/production constraint the people that do have money take it off the side lines a buy the things they want by out bidding everyone else for it. Inflation skyrockets! In the market economy distribution of goods then becomes even more wildly unequal.
This too is actually pretty similar to my home budget in that I can default, file for bankruptcy and my creditors will be forced to take a lot of write downs, and I'll get to keep a lot my stuff. I can do this at least once.. (maybe some governments can get away with it more than once, maybe we don't know)