The intensifying cost-of-living pain felt by millions of Australian families is primarily the fault of terrible decisions by our politicians.

That’s the brutal truth.

Sure, the war to stop Islamic fascists in Iran from obtaining nukes is part of it.

But as the Reserve Bank Governor Michelle Bullock made abundantly clear yesterday, government spending is the main culprit.

And as respected economist Saul Eslake said yesterday, it’s not just the Federal Government’s spending that is out of control. The states are up to their eyeballs in debt as well.

Our kids and grandkids will pay.

When governments wrack up debt to finance recurrent spending, that is like pouring petrol on the dumpster fire of inflation.

That’s what forces your home loan interest rates up.

It’s like putting your groceries on your credit card.

With government spending at a 40 year-high and a record $1 trillion of Commonwealth debt, Australia is on the road to ruin.

Tony Abbott and Joe Hockey were ridiculed for the 2014 budget, their first after the Coalition won the 2013 election.

While they muffed the politics, their intent was not wrong. End the age of entitlement, Hockey said.

A selfish and ambitious Malcolm Turnbull weaponised the politics of that budget against Abbott.

Fiscal repair was sabotaged.

Entitlement blossomed and Australians took a liking to free stuff from the government.

So, the politicians made dumb decisions to buy votes, but voters took the bait.

Since 2022, Albanese and his equally clueless treasurer Jim Chalmers have set about creating a socialist utopia.

Bullock’s other message yesterday was about productivity.

Government regulation and high taxes are throttling it.

Without economic growth there’s no revenue to pay the taxes to pay for the out-of-control spending.

It’s a perfect storm.

It’s why respected journalist Dennis Shannahan opened a recent column for The Australian with these words: Australia is going to hell in a handbasket.

Until politicians start telling the truth about our economic circumstances, economic hell is where we are headed.