Who decides things if not the entire voting population? There's nothing inherently wrong with your suggestion, if it's what everyone wants. We've been doing it for a century, see the national debt. But people like their kids, so we restrain it. People don't want a society full of desperation, so we restrain it. People want a strong nation, so we restrain it. It's not a crazy hypothetical, it's how the system works. Humans just aren't basic consumption machines.