It had to happen sooner or later. In my career doing electricity I watched billions and billions of dollars being wasted. And there are billions more going down the tubes. As the saying goes -- "Soon it adds up to real money."
As ancient Egypt showed, when you spend a good deal of your economy building monuments to the dead, the standard of living goes down to the point where you can't defend against the Romans. For Ontario, right now it's soaring Hydro bills. But they can shift money to cut that Roman down, but then it's something else. Next, housing prices will go down the flusher.
I don't think that even a change in gov't would have made a difference. We're just in a cycle where stupidity reigns, and we must spend every penny until everything is gone. Then the stupid people get kicked out, and we build up again. That is, if we can find brains.
Like I've said, the US election is always civil war between those that can make cannons and those that are cannon fodder. Middle America thinks good times will come back when they ban all imports and everybody is walking around with machine guns. No brains will come anywhere near. The Walmarts will be replaced with Amazon warehouses. An increase in jobs? Not likely.
I'm hoping that when we are crawling in the dirt, there will be some rational decisions made. Won't happen for a while, though. Meanwhile, I'm happy with my funded pension, and my wife and kid are in the hospital business. Lots of business there when the standard of living plummets.
**whoops, better watch the depression! But my middle son is moving out today (launched!) and nothing can make me sad. :)