Chris,
Debt doesn't matter. Until it does.
This country has been like a family taking vacations and buying cars and bling on a home loan and when that well ran dry, kiting checks and cooking to books to keep up appearances.
It really is more the Soviet Union, circa 1989.
The issues our children will be dealing with, when they are our age, are not going to be what side of whatever third world war our arms merchants and mercenaries have us in, but whether the territory of the United States is one nation, or several. Remember The Ukraine was part of Tzarist Russia for as long as the United States has been in existence.
The gap between what we say and what we do is really starting to create blowback.