The federal debt held by the public, today, is almost $7.5 trillion dollars. That is around 53 percent of gross domestic product (GDP) -- higher than any time since 1955, when we were still paying down our war debt.

And without major policy adjustments, it will increase to 100 percent within two decades or less. If we don't address our medium- and long-term debt situation, we risk a severe  economic crisis -- but with no one there to bail us out.

Happy Halloween.