I haven't had debt for a long time. I never liked it. These charts are sobering. Will I reap the benefits of all those years (decades maybe) of sacrificing? Or, will I be bludgeoned as though I also spent like a drunken sailor along with everybody else? I think, given the extent of the debt shown on those charts, that everybody's going to suffer.

Both parties have been kicking the problem down the road for decades. Now we are at the end of the road... and there is a looming cliff dead ahead.
But the left would rather burn Teslas.

Debt like many human business/mental constructs can be good or bad.
(Good or bad for what?) But how to decide which?
It depends, can it be repaid to the contract, does it limit actions where we like not to be limited? What does it mean when the amounts borrowed are so large that repayment is not an option?

Individuals and nations plan, so much coming in, so only so much can go out. It is called budgeting, almost all adults do it, those who don't have budgeting done for them one way or another. When a group does a budget it is a form of contract between administrators and group members. Progress and reporting on the budget is what we call accountability, the administrators show they raise and spend money in the interests and according to the wishes of the members.

Now, what happens when debt is allowed? Debt solves niggles, allows smoothing, makes planning easier by giving access to a stockpile of money, like a long term granary. A good thing, there comes a point however when current borrowing is so large that accountability is evaded. With weak accountability those in charge have made their job easier and can pay themselves commissions (rake-offs).
Administrators can claim they have delivered lots of goodies without asking for extra money, true in a sense. As long as the lenders are tolerant. When repayments are due, members have to contribute more, often without understanding that administrators have made their job easier.

Conclusion, debt is ok, up to a point. When it is so large that you need many zeros to describe it, and need to invent new words, xx-illion, to talk about it, then you know it is out of control, expect collapse.

The word used now is- 'soft-landing', aka- 'you are dreaming'.