We? It has started to happen. California has the water and electricity questions looming. Detroit bankrupt. And Scotland thought it cute to pander to false common hopes and go it alone, but they wanted the crutch that is the "pound" just in case.

The problem is traceable to politicians and a fragmented electorate. Which the UK is heading towards, or was, maybe we (as a nation) saw some glimmer of consequences and went with "the incumbent". Gawd help us.

When there are many "parties" they feel they have to promise ever wilder popularist budgets in order to win and stay winning. Result: they spend more than they earn. Italy is not that far behind - 21 Prime Ministers in 23 years (at one point) then Belusconi!. Spain in deep doodoo. Tourism seems to figure highly in those economies too.

And why must our GDP grow when Moore's Law gives us twice as much in 18 months? (hint) the law was noticed by him, but has existed since before Gutenberg & Caxton (mentioned because they are understandable, but the law holds true since way before that).
Answer: Greed.