I've called it the great spindown -- what results from living today off future success ... should it materialize.
The US became a world power not through government investment (theft of private wealth accumulation), but government restraint. It was through a long period of government restraint that we were able to spin-up a dynamic and wealthy private sector. However, since the great depression we have been on a Keynesian path of largess today (as government feeds from the private sector's future investment through taxes and selling debt), and eventual decline as the private sector is increasingly unable to invest in the future, followed by collapse when both lackluster growth and debt collide.
Governments do not grow nations, they kill them.
The Globe and Mail:
The British government has run a budget surplus in only six of the 37 years since 1975. The American government has run a budget surplus in only five of the 52 years since 1960. The Canadian government has run a budget surplus in only 10 of the 46 years since 1966. As Hudson Institute scholar Christopher DeMuth asserts in a prescient paper, Debt and Democracy, Keynesian doctrine – surpluses in the good years, deficits in the bad – has morphed in the advanced democracies into perpetual stimulus.
Europe shows us our Keynesian future. It is one in which government will attempt every financial maneuver possible in an effort to stave off its own Keynesian debt collapse ... until collapse occurs.
Keynesianism does not end well.
It is a pretty theory but an ugly reality.