Too much spending created too much debt and too much money printing, which in turn created too much inflation.
Inflation then led to price controls. Capital controls. Media controls. Destroying people’s standards of living. Appalling levels of violent crime.
They say the road to hell is paved with good intentions. Venezuela is a case in point, and shows just how short that road can actually be.
Westerners always think that these sorts of consequences can’t happen where they live, as if the laws of the financial universe only apply south of the border.
It’s not to say that the West will become Venezuela.
But if your government is already making its way down this path, taking on $60+ trillion in debt and printing limitless quantities of money, it’s seriously foolish to assume that that it will not end up somewhere similar.