These problems have existed for decades. Rampant government spending and massive government borrowing are two important factors. The government has defaulted on its debt nine times. Argentina’s currency was devalued by 30% in 2015, and then again in 2016. Soon after taking office in December 2023, Milei devalued the peso by more than 50%. https://tipswatch.com/2025/03/23/horror-stories-of-inflation-in-argentina/
Who Holds the Ballooning US Government Debt, even as the Fed and Foreign Holders Unloaded Treasury Securities in Q4? — https://wolfstreet.com/2025/03/18/who-holds-the-ballooning-us-government-debt-even-as-the-fed-and-foreign-holders-unloaded-treasury-securities-in-q4/
Maybe one day I’ll add my personal thoughts when I post stuff but for now I’ll let Scary Charts speak for themselves.
lifeunderwriter.net 
Is it going to happen here? Soon?
Could it happen in the US? Yes. Is it going to happen? I don’t know. Do I think it will happen? No, not soon. We have to stop printing and spending money we don’t have or it will happen sooner than anyone thinks.
Do you think all these cuts in government programs and jobs are a good idea? Do you think I need to worry about my Social Security benefits, my veterans disability, TRICARE health insurance, or my Medicare coverage?