We have been on the greatest debt binge in human history, and it has enabled us to enjoy our ridiculously high standard of living for far longer than we deserved. Many of us have been sounding the alarm about our debt problem for a very long time, but now even the mainstream news is freaking out about it. I have a feeling that they just want something else to hammer President Trump over the head with, but they are actually speaking the truth when they say that we are facing an unprecedented debt crisis.

For example, the New York Times just published a piece that discussed the fact that the bankruptcy rate among retirees is about three times higher than it was in 1991… For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.

The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for a far greater share of all filers.

Overall, Baby Boomers are doing a whole lot better financially than the generations coming after them, and so this is very troubling news. Of course it isn’t just Baby Boomers that are drowning in debt. Collectively, US households are 13.15 trillion dollars in debt, which is the highest level in American history. All over the nation, companies are also going bankrupt at a staggering pace.

On top of everything else, everyone else around the world has been on a massive debt binge as well. Total global debt is well above 200 trillion dollars, and it has nearly quadrupled over the past 17 years. Are you starting to understand why they call this a “debt bubble”? Unfortunately, all debt bubbles must burst eventually, and the one that we are in right now is definitely on borrowed time.