Oh, and Bush hasn't made that worse, to the tune of a TRILLION dollars, with his wars?
And massive tax cuts that went mostly to the very, very wealthy?
I think the US was heading towards this problem before Bush. In the Clinton years, personal savings rates dropped down to almost nothing. But the governmental budget had improved to the point of surplus. Now the savings rate is lousy (or nonexistent) for both individuals and the government.
I think the general public has to take part of the blame. People don't like being told that they actually have to pay for things, but they also don't like program cuts (at least those that benefit from them), so it's politically easier to borrow than to increase taxes or reduce spending. But leadership means laying out responsible choices and vetoing irresponsible ones, and W has done nothing on that score. He and his base keep pushing for tax cuts when they had no idea of how to pay for the ones they already enacted. It's infuriating that only now has Bush made any gesture concerning fiscal responsibility, and it's on programs that people probably would be willing to pay for if asked (such as S-CHIP).