In a Nutshell

Over at Yves' place, Marshall Auerback nails it.
To wit:

...If that trend persists, then we do end up being like Greece. Not because of growing national insolvency, but more because our citizenry begins to view the government as a piggy bank to be exploited, rather than an instrument which mobilizes national resources for broader public purpose. Absent this political authority, everything begins to break down.