http://www.brillig.com/debt_clock/faq.html
http://www.cbsnews.com/8301-503983_162-4864398-503983.html
If you watch at first link ("debt clock"), you will notice that debt exploded in 1983 - just in time when Milton Friedman and his "free trade" and "deregulation" policies took over.
Friedman was proponent of deregulated capitalism (including deregulation of prices), free trade, full-blown privatization, and so called "shock doctrine" - using shocking events to get throught "reforms" that would never pass if people were clear-minded.
For example, Margared Tatcher used Falkland War to introduce wild privatization to United Kingdom. International Monetary Fond is main Friedmanistics' tool to force independent states to sell everything they have in exchange for "help", and Friedman's shock therapy.
But now, back to US. In 1971., US economy was on its knees - high unemployment rate, extreme inflation. So, Nixon decided to regulate prices of main products (like oil) and rents; while Friedman was terrified, it worked. Inflation was falling daily, economy recovered. Next year, Nixon gains 60% of votes, and continues to wade on other Friedman's orthodoxies, like introducing series of laws that put industry under even harder environmental and safety regulations. Soon after, Nixon said that "they are all keynesians now".
However, in 1980s, many states - including US - embraced Friedman's policies. In short order, internal structure on which state is based, fell apart. United States Government and Central Bank became deposits from which private corporations could take money in times of need; military itself became increasingly reliant on private firms for many key elements of its operations; US Government and FEMA proved totally incapable of acting in times of need (Katrina Hurricane) - FEMA was unable to find stadium in New Orleans where 23 thousand people were stationd for days without food or water - despite the fact that all world media were there for days. Private firms that were to privide help only took money from government and left without finishing - or even starting - jobs they were supposed to do. To cover for tens of billions of dollars given away to private companies, Republician Congress reduced budget by 40 billion dollars.
In short, IN ORDER TO SURVIVE AS A STATE CAPABLE OF FUNCTIONING AND DEFENDING ITSELF, UNITED STATES MUST SAY DECISIVE "NO" TO FRIEDMAN'S DEREGULATED CAPITALISM, FREE MARKET AND UNREGULATED PRIVATIZATION.
http://www.msnbc.msn.com/id/17424874/ns/business-answer_desk/t/just-who-owns-us-national-debt/
Links to Wikipedia articles about Friedman and Keynes:
http://en.wikipedia.org/wiki/Milton_Friedman
http://en.wikipedia.org/wiki/John_Maynard_Keynes
