Here is the socialist cycle we are going through written as a pseudo computer program:

Lawmakers tout free stuff

People demand free government stuff

People elect lawmakers to pass laws for free stuff
Lawmakers try to raise taxes to pay for free stuff
People scream no we only wanted the free stuff
Lawmakers run deficits to pay for not so free stuff
More people get free stuff
Lawmakers raise the deficits higher

Lawmakers forced to raise taxes to lower deficit
Central bank lowers interest rate to lower debt cost and make capital available to people
If taxes cannot be raised or interest rates cannot be lowered go to reset
People are now poorer and in need of more free stuff
Go back to start.

If Central bank has credit do a QE else Currency is devalued.
If Central bank is out of credit go to bust
Go back to start.

All forms of Credit and Debt are exhausted and the bubble is popped.
Debt devalued by large amounts.
Most Free stuff is done.

Country can only import using the exact credits of export because world credit is dead (for the moment)