>We developed chronic overspending habits when interest rates were historically low

Weird, they were historically low because the money printers went brr. So the "We" you're talking about is both Republicans and Democrats, and not much else.

So basically, the interest rate is meaningless, so everything that follows is probably just as meanginless.

>The government needs to shrink

Just because the government makes bad choices doesnt mean whatever fills the vacuum with make good choices.