The big problem for Western economies is immigration vs automation. They chose immigration and now comes the bill, as they can no longer compete vs China who chose automation-robotization + AI + crypto.
A human can't be as productive as a machine so China has allowed itself to lower export prices which has forced westerners to bring in more immigrants to keep wages down. The trap closed itself over time, as inflation made more and more workers eligible for welfare which led to:
"a legal immigrant without a high school degree typically receives $4 in government benefits for every one dollar he pays in taxes." -Robert Rector United States House "
It led to:
deindustrialization + debt, deficits and low economic growth as money for investment had to be transferred to social spending.
It no longer makes sense to maintain low value-added economic activities that cause losses to your budget (deindustrialization)
Now China is coming to kill Western economies that have chosen the wrong strategy - immigrants over automation (which has a much higher return). The tariffs against China only buy time to save something by bringing AI+robotization+crypto into the economy i.e. increasing productivity, but time is short.
It is not only government spending that leads to inflation but also the population's spending so inflation will be very hard to fight due to immigration.
My favorite NON-KYC crypto exchanges for trading cryptocurrencies.