The masters of financial theater have become very adept at hiding the actual state of affairs. But stuff like student loan debt is hard to hide. The student loan thing is serious, as described in this article:

"At the beginning of 2004, the nation owed about $260 billion in student loan debt and default rates were relatively low. In the past 12 years, we have added a trillion dollars to that amount and gained about 4% in the overall college graduation rate. ... Approximately 40% of those who owe money on student loan debts are not making any payments on them at all, either from defaults, forbearance, deferment, or being delinquent."