Our debt crisis is personal, financial, and moral

America is in a debt crisis that is both deep and wide. More than 43 million Americans hold some amount of student loan debt, with the amount this spring standing at more than $1.7 trillion. Credit card debt also tops $1 trillion. All told, Americans carry nearly $18 trillion in personal debt.

Our national government faces the same debt-laden reality. As a nation, we currently owe more than $34.5 trillion. This year alone, the deficit between government revenues and spending will reach $1.9 trillion. On Tuesday, the Congressional Budget Office gave a grim forecast for the decade to come, projecting a $56 trillion national debt by 2034.