Milken Institute just did a study of Americans "debt load," and found that when all assets are measured, Americans are about where they've always been in assets-to-debt; and that when you measure forced savings like Social Security and include housing, the U.S. saves comparable to almost every other country that does not have social security and where housing ownership is poor.
Further, the "national debt" is somewhat bogus---it likely exists, but not at the numbers usually given, because by law government records must show government assets at the purchase price not at market value. Robert Eisner did an analysis of this and found that just, for example, taking that actual price of gold would substantially change U.S. government asset levels; and certainly a market valuation of LAND would show far more assets on the U.S. books than current "par" valuation does.
When I look at my personal debt, I measure (realistic) asset values to my debt, and I think I'm doing pretty well.
"and found that when all assets are measured, Americans are about where they've always been in assets-to-debt;"
Do you know if they're including retirement savings as an asset? If so, that's likely to skew the picture when compared to the past where you employer's set aside for your pension would not have been included.
"and that when you measure forced savings like Social Security and include housing"
Housing isn't savings, its an investment. And SS? Hopefully by now we all know that flows directly through to the general fund. Its not savings.