It is basically the logical end to democratic practice.
To be voted into office you have to promise to lower taxes irregardless of the budget. The excess has to go to the national debt, which although crippling in the future is not an issue now, and keeps everyone happy now.
Countries like China can't believe their luck and are cheerfully buying government bonds - in effect buying back their own produce in exchange for money later. The problem therefore is safely stored for a later date. And as each President is only in office for 8 years, it's too quick for the debt to have an effect.
The masses won't really care what is happening until it directly effects them in some way. Tax cuts feel good, so where's the harm?

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