Profligacy
A spendthrift (also profligate or prodigal) is someone who is extravagant and recklessly wasteful with money, often to a point where the spending climbs well beyond their means. Spendthrift derives from an obsolete sense of the word thrift to mean prosperity rather than frugality, so a "spendthrift" is one who has spent their prosperity.
Historical figures who have been characterised as spendthrifts include George IV of the United Kingdom, King Ludwig II of Bavaria, and Marie Antoinette the Queen of France.
The term is often used by news media as an adjective applied to governments who are thought to be wasting public money.
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