Government debt sky rocketed because they have sold this fiat money to other nations and people.
People and nations have wised up and they have stopped buying the fiat money from the United States and so the Federal Reserve has been buy its own fiat money with its own fiat money.
Government continues to print trillions of free, un-backed dollars in order to spend and give away.
Everyone of these newly printed dollars, because it is not backed or bought by anyone other than the government itself, devalues every other dollar in existence.
This Inflation will turn into hyperinflation if the Government does not raise interest rate.
If the Government raises interest rates though, their debt, will go up so fast and high it will never be paid and they will have to drastically cut just about every program the government has.
Inflation or austerity.. Pick your poison.. Either way, the government, the one liberals and democrats begged for, will be cracking heads open all across american, and the american people will be suffering, no matter what poison they pick.