In recent months, the question of America’s ballooning public debt has started receiving more attention. Far less interest, by contrast, has been given to the growing amount of private debt. A recent Wall Street Journal article, however, highlighted a growing phenomenon that, I think, merits more attention. This concerns the use of debt by middle-class American families to maintain their lifestyle. Whether it is medical care, housing, or college education for their children, middle-class Americans are increasingly using debt to...