The spiked punchbowl

It looks as though debt will be the overriding concern and problem for individuals, local governments, states and national as well reference generations to come.  Of particular interest in this article is the reference to the huge debt load wracked up during the "boom" decade of the '20's, which of course was the predicate cause of the bust of the '30's and the Great Depression.  Here we are 90 years later wracking up state, local and national debt at at least a comparable rate to the '20's and our good buddies at the FSR keep us funded by buying in all the debt the feral government keeps incurring.  Why isn't this a cause for concern?  It perhaps is in some circles but since there are so many governments involved in the debt creation business, all pumping out new debt at record levels, no one wants to contemplate the consequences,  It's the old spiked punchbowl metaphor -- the party's going full blast, everyone's having such good fun, no one wants to take the punchbowl away.