Politicians think we're idiots. There's not much more to it.
We know how to regulate ourselves for the most part, and we should never discourage that ability as our posterity relies on our ability to persevere through tomorrow. Public officials, government representatives. They say we need them. They say things are better with a ruling class, an oligarchy. Some of the sheeple believe this, thoroughly indoctrinated (cognitively intoxicated on the propaganda).
They think we need them, need to obey them. They make laws, tell us laws keep us from doing bad things. They start telling us everything is bad, that they must help us by regulating everything we do, for our own good, of course. Nevermind that government does not exist. These people have never shared a bed with reason.
If I spend too much relative to what I make, I know eventually it will catch up with me. Never fails. It is self-inflicted. When government does it, how is it any better? Collective ignorance is no less connected to individual ignorance. When government spending outstrips its revenues, coupled with a dollar near the end of it's inflated half-life, leaves us watching and thinking why it hasn't collapsed already?