Are you sure the debt bomb is a bomb? Private debt can be a major concern, but government debt may not work the way you think it does. In fact, the great depression was preceded (and possibly in some ways triggered) by a significant paying down of public debt, counterbalanced by an increase in private debt that kept the money supply growing through the roaring 20s.
I understand the Keynesian dynamics of maintaining money velocity through government spending, but it's a balancing act, and I'm pretty sure we're way off balance now.
