Plot of Real DJIA, 1924-present, ca. 25 KB

Context of the above chart is
“... the evident breaks after 2007 of ... 'More Consumption' trends coincide with a huge jump in U.S. governments' debt ...”
(from just above the second chart here).

“Ratio of Household Sector Debt to Personal Income” data are identical to those in the second chart here (see for sourcing).
“Ratio of All Governments’ Debt to GDP” data were obtained from 3/19/2015 download of here.

‘Debt’ can be phrased as “... a promise to pay later for already handed over goods.”.
Rational expectations for resources-to-pay ‘later’, relative to ‘now’, are NOT unlimited. Each of the two chart traces is the ratio of debt to contemporaneous resource flow.
VERY EXCESSIVE is government debt: the 2014 latest Ratio of All Governments’ Debt to GDP, expressed as percent of GDP, is 121%; 103% is the ratio of just the federal government’s debt to GDP (here; also WSJ small plot). This 103% is nearly twice the reckoned 50-60% prudent limit!

The suggested excess debt of the Household Sector from the mid-1980s, broke trend after 2007. BUT THERE COINCIDED A HUGE JUMP in All U.S. Governments' debt! So, just a different manner of excess ‘living off the future’!
TALK, NO WALK: “All of us must learn to live within our means ...”.

Household Sector debt is personal -- incurred, owed, and repaid. All U.S. Governments' debt is collective -- necessarily, it is repaid by people born later (average/median) than those who incurred it. So, this is a large intergenerational shift of debt burden, including onto the shoulders of many people not old enough to have any vote.