At least you're half right on your conclusion(s).

90% of word governments are in a similar boat. From 2007 to 2014, global debt increased by 57 trillion, from $142 trillion to $199 trillion. 

https://www.forbes.com/sites/niallmccarthy/2015/02/10/global-debt-has-increased-by-57-trillion-since-2007-infographic/#558e93c63d4a

Since we're spreading the blame around, I'm sure we could ALL agree that Reagan, Bush1 & Bush2 were ALL excellent teachers when it came to setting the debtors dinner table.