S&P downgraded the US federal government’s pristine AAA credit rating on August 5, 2011, because they (S&P) were “pessimistic” that Congress would be able to “stabilize the government’s debt dynamics anytime soon”.

And the agency projected the government’s debt would reach an unbelievable $20.1 trillion by 2021.

The US government got angry, accused S&P of fraud, then sued them. They eventually settled with a $1 billion fine.

As it turns out, despite being sued for fraud, S&P was wildly optimistic.

The US government debt reached $20.1 trillion, not in 2021, but 4 years ahead of their forecast, on September 8, 2017.

I think it's safe to say that, trusting your government with spending is the equavalent of letting a child pay themselves their own pocket money.