A debt-ridden society

The falsities and sunshine coming from the Bush administration concerning the economy can't conceal the fact that government debt is completely out of control. The current administration spends money like a drunken sailor on shore leave and pretends all is well. Apologists claim it's no big deal because the national debt is not huge as a percentage of GDP. Well, that's a joke, just like the GDP itself. Most people don't realize that the Gross Domestic Product, is a measure of spending, not production. Nice misleading term, huh? Consider this analogy: Suppose I take out 15 credit cards, borrow as much as I can, take on a huge mortgage, and buy all kinds of stuff. My friends and family might look at my life and all my acquisitions and think, "wow, he's doing really well." In fact, I may not be producing much of anything. I'd be living an illusion, and some day that would catch up to me (or the people that lent me money).
So why hasn't the US electorate held the government accountable for this behavior? When interviewed, a majority of people say they favor a balanced budget, but do they know what that means? Apparently not, and recent statistics show that the electorate is just as profligate as the government. The US public has reached a state of negative savings. We are actually spending more than we make on a regular basis. This is going to have disastrous consequences for the economy.
This problem is like second-hand smoke in that it will affect everyone, even those that are responsible and manage their money well. Unfortunately, responsible people's assets will be diminished in value when the government either defaults on debt or monetizes it (prints more money just to cover it). We are in for a rude awakening in this country.