everyone is exorbitantly indebted to everyone. At some point, someone has to put some reality back into the simulacrum because simulacrum does not feed your family
Can you suggest reading to learn more about this viewpoint?
To me, the technological advances seem to be a product of the economic system. As long as the economic system can be sustained, then it is likely that human welfare will continue to improve.
It's no question that certain people having exorbitant amounts of wealth allows them to perform technological feats that would not be otherwise possible, but this does not mean it is otherwise sustainable as a system. Increasing debt can provide a short-term boost to industry, but long term there is no way to stop the financial sector from 'eating' the whole economy.
I would recommend picking up First Principles of Islamic Economics by Al-Mawdudi.
FY 2020 (Oct 1, 2019-Sept 30, 2020) was a sharp increase in the deficit, 2021 and 2022 were decreases, 2023 YTD is an increase over the same period in FY 2022.
Its nothing like hockeystick growth.
EDIT: I suppose if you overenthusiastically extrapolate from, like, just the last three data points the trade rather than budget deficit might distantly resemble that, but...