This is true if you presume that interest rates stay where they are. Now, take the aggregate debt, an posit that the interest rates go back to their historic norms (not extra high; just the historic norms). Under that scenario, we are screwed, utterly screwed.

What Frum - and lots of other "reasonable" people presume is that today's low interest rates will stay where they are. Europe will eventually boil over, and it won't be enough that we "suck less".