It is one thing for a young family with their first credit card to experience a leaning curve regarding wise use of credit, it is completely different thing for a government to be irresponsible with credit. 

How many other excessively indebted government entities have been irresponsible with credit?  What is the total debt owed by governments?  What about just in the USA?  The State of Alaska borrowed $2 billion from the public employees this year to balance its budget while it put money into a Constitutional Budget Reserve?  (Alaska's borrowing was the growth in the un-funded pension obligations in FY 2010) 

Can America meet all the promises it has made and pay back all this debt?  Federal, State and City?

If "We the People" decide that American governments will be debt free in 30 years with some exceptions for buildings and other infrastructure what tax rate would need to be imposed if spending remained constant?  How would reducing America's obesity of debt impact the economy?

In 1995 America was sold a bill of goods that government could increase the growth rate of our economy and meet the excessive liabilities our elected folks have accrued for us.  In the past 15 years, the Goldman Sachs run US Treasury and Federal Reserve have utterly failed at managing this accelerated growth rate.  Just look at a long-term S&P500 chart from 1947 to today. 

America, start producing your energy domestically! 

Pay off your debt and then SAVE, SAVE, SAVE.