This is a very dangerous game, but as politicians care only about the next election the long term danger is irrelevant to their personal interests as they will likely be long gone before the bill comes due. Moreover, when interest rates are low, debt is an even more attractive option. Voters are like little children: they want immediate gratification without any consequences. They want lower taxes and higher public spending. So politicians use debt to provide the illusion of giving them what they want. Unfortunately, debt accrued during periods of low interest rates becomes a ticking bomb as interest rates rise. When this happens to developing nations like Argentina, the results can be catastrophic and the ultimate outcome is defaulting on the national debt.