to top it off, on the micro level we get people who can only make their minimum credit card payments or minimum student loan payments and most economically awake people will realize that is a bad way to live.
Keep that in mind when you look at the following graph of the interest payments yearly on the federal debt. (Sorry about the resolution, can't get it better.)
Any real spending cuts coming from DC? Nope. Any real movement to just cap spending at this year's level for the next 10 years so we can get some sanity back? Nope.
We will be treated to apocalyptic cases in the new few months of why "X" has to be spent. Which then just kicks the can a little further down the Pain Lane.